OK, I'm back from dinner, and feeling well-fed, but I still don't have a bulletproof answer to this problem.
Look, the trouble with adding up all the individual chances to yield an answer of "a little bit above 0.04" is that gives the (surely nonsensical?) answer that winning at least 1 out of 8 races run in a day is actually LESS likely than winning a single one-off race (which we know from the premise is 0.06).
Therefore I can't see how it can possibly be the correct answer. Why would it be
less likely to win at least one out of eight consecutive races, compared to winning one out of one? I can't wrap my head around that.
There is some logical fallacy being made here, somewhere. But I can't work out what it is, though it must be there, in one of the methods. There must be a set of logical possibilities that aren't being accounted for somewhere, either in the additive or subtractive ways of getting to an answer. I'm actually leaning towards the 0.4 being correct, despite it intuitively seeming ridiculously high. But I can't figure out why the additive method doesn't match it, and why it yields a lower probability than the starting, one-off, race probability. Each race is independent; running more than one race shouldn't reduce the odds of winning at least one race below the starting level; it should increase it from that starting level, because you have eight independent chances and only need to get lucky at least once.
Someone sort this out conclusively, please!
EDIT - fuck it, I've now cheated and googled up a
binomial probability calculator.
Enter in the starting variables described in the premise, and it too gives an answer of 0.4 (actually 0.39etc). I still can't explain why the additive method building on the individual odds in Rhub's method demonstrates is wrong, though.
EDIT 2 - I think it going to revolve around a missing set of possibilities I'm not quite seeing yet... give me a moment more to think...
EDIT 3 - yep, got it. It's to do with combinations. For example, from 8 races, there are multiple ways of getting 1W7L from your day, and even more ways of 2W6L. Note, this isn't permutations; the individual order doesn't matter, only the total number of possible ways you can reach each potential set of results. The number of combinations will equal the number of permutations in the 1W7L scenario, but be increasingly different - smaller - with the larger race win scenarios. For example, for 4W4L, you have only 70 combinations but 1680 permutations. It's only the combinations that matter in this scenario. I think that's the key to the problem. I think. I'm no maths whizz though, so will be interested to hear from one whether I'm right or what the logical mistake I'm making is!
