Question: In the Cash Five Lottery in Connecticut a player pays
In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with ﬁve numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all ﬁve numbers on a player’s ticket match the ﬁve chosen, the player wins $100,000. The probability of this occurring is 1/324,632. If four numbers match, the player wins $300. This occurs with probability 1/2164. If three numbers match, the player wins $10. This occurs with probability 1/75. Compute and interpret the expected value of the game from the player’s point of view.
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