Question

In: Statistics and Probability

Let’s suppose that you are going to play the lottery game Powerball. To play, you pick...

Let’s suppose that you are going to play the lottery game Powerball. To play, you pick five different numbers from 1 through 69 plus one Powerball number from 1 through 26. Which is a more likely combination of winning numbers: 1, 2, 3, 4, 5, 6 or 7, 21, 25, 32, 40, 56? Explain your answer. For a $500,000,000 jackpot, which of the two combinations would likely be more lucrative for you if it were to win? In other words, for which combination would you be less likely to have to split the jackpot with other players who also had the winning combination? Of the two combinations above, which would you be more likely to play? Why?

Solutions

Expert Solution

There are a total of 95 balls.
Of these 95 balls, there are 2 balls each numbered 1 through 26, and 1 ball each numbered 27 to 69.
Let X be a random variable denoting the number observed on the ball.
Hence,

  • Scenario 1: Balls chosen are 1,2,3,4,5,6.
    Hence, probability of winning:


  • Scenario 2: Balls chosen are 7,21,25,32,40,56.
    Hence, probability of winning:


Hence, we observe that, . Hence, choosing balls 1,2,3,4,5 and 6 is more lucrative than choosing balls 7,21,25,32.40 and 56 since it has higher probability.

​​​​​​I hope this clarifies your doubt. If you're satisfied with the solution, hit the Like button. For further clarification, comment below. Thank You. :)


Related Solutions

To play the PowerBall lottery, you buy a ticket that has five unique numbers in the...
To play the PowerBall lottery, you buy a ticket that has five unique numbers in the range of 1–69, and a “PowerBall” number in the range of 1–26. (You can pick the numbers yourself, or you can let the ticket machine randomly pick them for you.) Then, on a specified date, a winning set of numbers is randomly selected by a machine. If your first five numbers match the first five winning numbers in any order, and your PowerBall number...
Suppose we are going to play a game. You have to choose to toss a coin...
Suppose we are going to play a game. You have to choose to toss a coin either 40 times or 400 times (pretend you have a lot of time on your hands!). You win the game if the percentage of heads is between 52.5% and 57.5%.
We play the let’s-flip-a –coin-until-a-pattern-emerges game. You pick HHT as your pattern, I pick THH. We...
We play the let’s-flip-a –coin-until-a-pattern-emerges game. You pick HHT as your pattern, I pick THH. We flip a fair coin repeatedly until we get head-heads-tails in a row (you win) or tails-heads-heads in a row (I win). Seeing as THH is a better pattern, you request to pick it as your pattern. I graciously agree, and switch to TTH. I keep beating you most of the time. You switch to my TTH. I switch to HTT. I keep beating you....
Let’s play a game! It costs you only $10 to play! Roll two dice. If you...
Let’s play a game! It costs you only $10 to play! Roll two dice. If you roll snake eyes (two 1’s), then I’ll give you $500. If you roll anything else, then I’ll give you nothing. Using expected value, decide if you should play this game!
this is how the game is played. In a Powerball play slip, a player picks 5...
this is how the game is played. In a Powerball play slip, a player picks 5 numbers from 1 through 69 and 1 number from 1 through 26 (this is the Powerball number). The grand prize is awarded to the player (or players) whose ticket matches all of the numbers on the five chosen white balls and the one chosen red ball. What are the odds of winning? You need to calculate the odds of getting the exact 5 white...
Suppose you play a "daily number" lottery game in which three digits from 0–9 are selected...
Suppose you play a "daily number" lottery game in which three digits from 0–9 are selected at random, so your probability of winning is 1/1000. Also suppose lottery results are independent from day to day. A. If you play every day for a 7-day week, what is the probability that you lose every day? B. If you play every day for a 7-day week, what is the probability that you win at least once? (Hint: Make use of your answer...
New Jersey Pick 6. In the New Jersey Pick 6 lottery game, a bettor selects six...
New Jersey Pick 6. In the New Jersey Pick 6 lottery game, a bettor selects six different numbers, each between 1 and 49. Winning the top prize requires that the selected numbers match those that are drawn, but the order does not matter. (a) Do calculations for winning this lottery involve permutations or combinations? why? (b) How many different lottery tickets are possible? (c) Find the probability of winning the jackpot when one ticket is purchased?
New Jersey Pick 6. In the New Jersey Pick 6 lottery game, a bettor selects six...
New Jersey Pick 6. In the New Jersey Pick 6 lottery game, a bettor selects six different numbers, each between 1 and 49. Winning the top prize requires that the selected numbers match those that are drawn, but the order does not matter. b) How many different lottery tickets are possible? (c) Find the probability of winning the jackpot when one ticket is purchased?
The payoff X of a lottery ticket in the Tri-State Pick 3 game is $500 with...
The payoff X of a lottery ticket in the Tri-State Pick 3 game is $500 with probability 1/1000 and $0 the rest of the time. Assume the payoffs X and Y are for separate days and are independent from each other. a. What price should Tri-State charge for a lottery ticket so that they can break even in the long run (average profit =$ 0). b. Find the mean and standard deviation of the total payoff X+Y.
The probability of winning the Powerball jackpot on a single given play is 1/175,223,510. Suppose the...
The probability of winning the Powerball jackpot on a single given play is 1/175,223,510. Suppose the powerball jackpot becomes large, and many people play during one particular week. In fact, 180 million tickets are sold that week. Assuming all the tickets are independent of one another, then the number of tickets should be binomially distributed. The values of the parameters n and p in this binomial distribution are: n= p= Then, use the binomial distribution to find the probability that...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT