A lottery game is played in many places and requires $1 per ticket to play. To...

A lottery game is played in many places and requires $1 per ticket to play. To win the jackpot, a person must correctly pick five unique numbers from balls numbered 1 through 36 (order does not matter) and correctly pick a final number, which is chosen from balls numbered 1 through 26. What is the probability of winning the jackpot?

Solutions

Expert Solution

Total number of ways to choose 5 numbers between 1 and 36 = 36C5 = 36! / (5! * (36 - 5)!) = 376992

P(winning) = 1/376992 * 1/26 = 1 / 9801792

orchestra answered 1 year ago

Next > < Previous

Related Solutions

1) You buy a lottery ticket to a lottery that costs $10 per ticket. There are...

1) You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Show its probability distribution in the form of a table. What is the standard deviation of your gain or loss? What type of skewness does the probability distribution represent?

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.

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...

In a certain state lottery, a lottery ticket costs $1. In terms of the decision to...

In a certain state lottery, a lottery ticket costs $1. In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies: State of Nature Win Lose Decision Alternatives s1 s2 Purchase Lottery Ticket, d1 600000 -1 Do Not Purchase Lottery Ticket, d2 0 0 A realistic estimate of the chances of winning is 1 in 260,000. Use the expected value approach to recommend a decision. If required, round your answer...

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,...

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...

Diane has decided to play the following game of chance. She places a $1 bet on...

Diane has decided to play the following game of chance. She places a $1 bet on each repeated play of the game in which the probability of her winning $1 is .6. She has further decided to continue playing the game until she has either accumulated a total of $3 or has lost all her money. What is the probability that Diane will eventually leave the game a winner if she started with a capital of $1? Of $2? capital...

A lottery ticket is given. For this lottery, five integer numbers are chosen from 1 to...

A lottery ticket is given. For this lottery, five integer numbers are chosen from 1 to 50, and the order doesn’t matter. You win the main prize of one million dollars if your ticket matches all five numbers drawn; you win a second prize of one thousand dollars if your ticket matches exactly four of the five numbers drawn; and otherwise you win nothing. a. What’s the probability that you win the main prize? b. What’s the probability that you...

Many American families play the lottery. Winning the lottery offers an easy path to financial security....

Many American families play the lottery. Winning the lottery offers an easy path to financial security. But for most that play, this dream remains unrealized, deferred, always just out of reach. But imagine you win a major lottery prize. The choice is $500,000 cash today or $50,000 a year paid over 25 years. Which is a better choice? What should be taken into consideration? (Support your answer with information from this week’s information or cited outside sources).

The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In...

The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In May and June, 200,000,000 tickets were bought. 1. Please assume the tickets win or lose independently of each other and give the exact probability that there was no winner during the two months. 2. Only using a basic scientific calculator, give an approximation to the same question from part 1. Explain why this approximation is a good one.

Subjects

Question

A lottery game is played in many places and requires​ $1 per ticket to play. To...

Solutions

Expert Solution

Related Solutions

A lottery game is played in many places and requires $1 per ticket to play. To...