Answer
See below.
Work Step by Step
The problem is that although he is guaranteed to win, the prize is not guaranteed because there may be more people winning and then the prize is shared, so he might lose money.
Thinking Mathematically (6th Edition)
by Blitzer, Robert F.
Published by
Pearson
ISBN 10:
0321867327
ISBN 13:
978-0-32186-732-2
Chapter 11 - Counting Methods and Probability Theory - 11.5 Probability with the Fundamental Counting Principle, Permutations, and Combinations - Exercise Set 11.5 - Page 724: 29
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