I am explaining every Quant Greenbook probability problem so I can practice for interviews.
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Application Letters Problem:
You’re sending job applications to 5 firms: Morgan Stanley, Lehman Brothers, UBS, Goldman Sachs, and Merrill Lynch. You have 5 envelopes on the table neatly typed with names and addresses of people at these 5 firms. You even have 5 cover letters personalized to each of these firms. Your 3-year-old tried to be helpful and stuffed each cover letter into each of the envelopes for you. Unfortunately she randomly put letters into envelopes without realizing that the letters are personalized. What is the probability that all 5 cover letters are mailed to the wrong firms?
