The probability that a ticket that is randomly chosen will award a larger prize is:
Let A denote the event that the ticket is a winning ticket.
B denote the event that there is a larger prize.
A∩B denote the event that there is a larger prize on the winning ticket.
Let P denote the probability of an event.
Now according to the given information we have:
Hence, we are asked to find: P(A∩B)
We know that:
The probability is: