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re: Cashier at store told me one guy has spent $4000 on Powerball
Posted on 1/12/16 at 8:28 pm to slackster
Posted on 1/12/16 at 8:28 pm to slackster
Additionally the odds are that people win something 1:24.5 or something like that. So he hedges his bet a bit by likely hitting something. I would estimate a return of $6 per hit. At 80 hits approximately that is $480 back. So now to get to 1:146000 it likely costs him in the neighborhood of $3500.
Posted on 1/12/16 at 8:33 pm to cgrand
quote:
M is 1000
MM is 1000000
carry on
In some circles, sure, but a capital M is the prefix 'mega' which is widely used for million and perfectly acceptable.
Posted on 1/12/16 at 8:38 pm to slackster
M is the standard abbreviation for 1000 count of any item
#/M means per thousand
again, carry on
the math in this thread is amusing
#/M means per thousand
again, carry on
the math in this thread is amusing
Posted on 1/12/16 at 8:42 pm to slackster
Had a customer spend $6500 Saturday and plans on doing the same tomorrow. Won a little over 1k. When you are already worth millions what's 6500 bucks???
[link=([url=https://postimg.org/image/bfsxvumz1/] [/url])]LINK[/link]
[link=([url=https://postimg.org/image/bfsxvumz1/] [/url])]LINK[/link]
Posted on 1/12/16 at 9:26 pm to cgrand
quote:
M is the standard abbreviation for 1000 count of any item
#/M means per thousand
again, carry on
the math in this thread is amusing
Don't be obtuse. M has been widely adopted to mean a million as it is the metric abbreviation for mega.
You can find million dollar figures quoted as $---M in publications across the world, including the New York Times, Washington Post, and other traditional print papers..
Posted on 1/12/16 at 10:06 pm to slackster
quote:I've learned today that a lot of people don't understand probability whatsoever.
Pray tell?
I even got into a debate with my wife about it tonight.
Recently my sister-in-law found out she was having twins, and her husband, an engineer, said, "there is a 2/3 chance of having a boy because there are three scenarios." I tried to explain that it's actually 3/4 (assuming 50/50 for each child), and he still looked unconvinced.
In other words, even quantitatively inclined individuals have trouble with the logic of probability.
Posted on 1/12/16 at 10:52 pm to buckeye_vol
quote:
Recently my sister-in-law found out she was having twins, and her husband, an engineer, said, "there is a 2/3 chance of having a boy because there are three scenarios." I tried to explain that it's actually 3/4 (assuming 50/50 for each child), and he still looked unconvinced.
Telling when order matters and when it doesn't can be subtle, though it really isn't here. An engineer ought to have been exposed to truth tables, which is the way to think about the problem. I'd be interested to hear how the 288'ers in this thread think about the lottery problem.
Posted on 1/12/16 at 10:53 pm to tigerskin
There's definitely a fine line between genius and insanity.
Posted on 1/12/16 at 10:56 pm to buckeye_vol
quote:
Recently my sister-in-law found out she was having twins, and her husband, an engineer, said, "there is a 2/3 chance of having a boy because there are three scenarios." I tried to explain that it's actually 3/4 (assuming 50/50 for each child), and he still looked unconvinced.
Identical boys
Identical girls
Fraternal Boys
Fraternal Girls
Fraternal girl/boy
Identical boy/girl
4/6 = 2/3
Posted on 1/13/16 at 12:37 am to tiggerthetooth
Whether they are identical has no bearing on gender...
Posted on 1/13/16 at 12:46 am to buckeye_vol
quote:
I've learned today that a lot of people don't understand probability whatsoever.
I'm genuinely confused as to what the hell has happened in this thread. I don't believe I've posted a single thing that was mathematically incorrect, right?
Posted on 1/13/16 at 1:02 am to buckeye_vol
quote:
In other words, even quantitatively inclined individuals have trouble with the logic of probability.
That is understandable when you consider how many people, even those with PhDs in mathematics, were stumped by the original Monty Hall problem.
Probability is difficult because it often goes against intuition and sometimes even against logic.
The twin deal is a perfect example. Logically you would deduce that there are 3 scenarios - BB, boy and girl, or GG. However, mathematically there are 4 scenarios because you can create an order for the twins. BG and GB are not the same with regard to probability as they are two distinct outcomes.
I think it is often easier in that situation to explain it using BB or GG as your basis - meaning it may be easier to explain that there is a 25% chance of having two girls, so obviously there is a 75% chance of having at least one boy.
Posted on 1/13/16 at 5:53 am to slackster
Slackster, there is a distinction in statistics between probability and odds. Not quite OT material but this might help.
Probability vs Odds
Probability vs Odds
Posted on 1/13/16 at 6:22 am to tigerskin
quote:
Cashier at store told me one guy has spent $4000 on Powerball
I bet that idiot expects to win too!
Posted on 1/13/16 at 7:46 am to tigerskin
lol what a waste of 4k doesnt the person know that the more you buy doesn't necessarily mean the better odds you have in winning?
Posted on 1/13/16 at 7:49 am to tke857
Each ticket you buy slightly increases your odds
Posted on 1/13/16 at 7:56 am to tigerskin
I have a rules question: say you have just three of the winning numbers, they have to be all in a row right? In order to win a prize?
Posted on 1/13/16 at 7:57 am to Cole Beer
No, if that was the case, no one would ever win
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