Recall that the Powerball Lottery involves selecting five numbers from 1 to 69 for the white...

Recall that the Powerball Lottery involves selecting five numbers from 1 to 69 for the white balls and then selecting one number from 1 to 26 for the red Powerball.

The Lottery does not give a prize for matching exactly two white balls without a matching red ball. Why do you think that prizes are not given for this combination? Justify your answer using probabilities.

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Recall that the Powerball Lottery involves selecting five numbers from 1 to 69 for the white...

Recall that the Powerball Lottery involves selecting five numbers from 1 to 69 for the white balls and then selecting one number from 1 to 26 for the red Powerball. The Lottery does not give a prize for matching exactly two white balls without a matching red ball. Why do you think that prizes are not given for this combination? Justify your answer using probabilities.

The Powerball lottery commission chooses 5 white balls from a drum containing 69 balls marked with...

The Powerball lottery commission chooses 5 white balls from a drum containing 69 balls marked with the numbers 1 through 69, and one red ball from a separate drum containing 26 balls. Assuming the jackpot for a certain drawing is $150 million, what is your expectation for the jackpot if you purchase 1 ticket of $2? Round to the nearest cent. Assume the jackpot is not spilt among the multiple winners

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...

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...

7. The Sorry State Lottery requires you to select five different numbers from 0 through 69....

7. The Sorry State Lottery requires you to select five different numbers from 0 through 69. (Order is not important.) You are a Big Winner if the five numbers you select agree with those in the drawing, and you are a Small-Fry Winner if four of your five numbers agree with those in the drawing. (Enter your answers as exact answers.) What is the probability of being a Big Winner? What is the probability of being a Small-Fry Winner? What...

Joe Smith, age 75, from Vienna, IL has the winning Powerball lottery numbers which will pay...

Joe Smith, age 75, from Vienna, IL has the winning Powerball lottery numbers which will pay out $13 million at the beginning of each of the next 30 years (reported prize of $390 million). Before claiming his prize, Trusty Insurance Company offers Joe $200 million today in exchange for his winning lottery ticket and prize payout. What rate of return would Trusty Insurance earn if Joe accepts their offer?

5) In the MegaMillions lottery a player buys a $1 ticket and picks five numbers from...

5) In the MegaMillions lottery a player buys a $1 ticket and picks five numbers from the numbers 1 to 70. The lottery has a bin with seventy white balls, each with a number from 1 to 70. The lottery picks five balls from the bin with the white balls. If the five numbers the player picked match the numbers drawn on the five white balls then the player wins $1,000,000 (in most states, but not including California, where the...

According to the California Lottery, the odds of winning the PowerBall is 1 in 292,201,338. This...

According to the California Lottery, the odds of winning the PowerBall is 1 in 292,201,338. This week’s estimated prize is $0.6 billion and one ticket costs $2. a. Calculate the Expected value and standard of deviation of playing the lottery. b. Would a risk-neutral person play the lottery? Explain. c. How about a risk-averse or risk neutral person? Explain.

In the Mega Million Lottery, you pick five numbers from 1 – 75 AND one number...

In the Mega Million Lottery, you pick five numbers from 1 – 75 AND one number from 1 – 15. What is the probability you match ALL the numbers?

Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player...

Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player chooses ten different numbers and hopes that these get drawn. If the player's numbers get drawn, he/she wins an obscene amount of money. The table below displays the frequency with which classes of numbers are chosen (not drawn). These numbers came from a sample of 180 chosen numbers. Chosen Numbers (n = 180) 1 to 10 11 to 20 21 to 30 31 to...

Subjects