A town offers a lottery. To win the grand prize of $1,000,000, your ticket needs to...

A town offers a lottery. To win the grand prize of $1,000,000, your ticket needs to consist of the winning seven numbers chosen from the set {1, 2, …, 55}. To win the lesser prize of $10,000, your ticket needs to have exactly five of the seven.

a) What is the probability of winning the grand prize?

b) What is the probability of winning the lesser prize?

c) If a lottery ticket costs $1, what is the expected value of playing this lottery?

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Expert Solution

ANSWER:-

Colby Messinger answered 1 year ago

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