A firm invested a part of its idle funds in the government’s prize bonds scheme. It purchased 1,000 prize bonds of $1,000 denomination. It will keep the bonds for 4 years. The firm is interested in the first prize. A total of 100,000 bonds (1,000 denomination) have been issued by the government and this number is assumed to remain the same over the 4-year time period. There are 4 draws each year.
is the binomial probability model applicable here if I were to find chances of winning