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Simple Maths Challenge

02 Mar

I read with horror in various national newspapers that people just can’t do simple maths any more.  Here’s a simple challenge to sort out the mathematical men (or women) from the boys (or girls):

Prize bonds cost €25 each.

€1000 worth of prize bonds has the odds of 3.6 to 1 of winning a prize in a year.

A prize is at least €75.

Interest in a current account is 3%.

What’s the probability of winning at least the equivalent of interest in a year with €10000 worth of prize bonds?

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2 Comments

Posted by on March 2, 2012 in Setting The World To Rights

 

Tags: , , ,

2 responses to “Simple Maths Challenge

  1. Ken Haley

    March 2, 2012 at 5:43 pm

    Not enough information. Depends on the value of all prizes…not just the minimum prize value (€75). Now, if the minimum prize was €300, that would be sufficient.

     
    • Damocles

      March 2, 2012 at 6:32 pm

      Y’know someone said that to me, but as the requirement is at least getting interest then the value of the other prizes isn’t important. Still, I worked it out myself in the end and I reckon I should go for it.

       

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