1. The current Powerball jackpot is estimated to be $193 million. The Powerball lottery is decided every...
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1. The current Powerball jackpot is estimated to be $193 million. The Powerball lottery is decided every Wednesday and Saturday night by drawing five white balls out of a drum with 69 balls and one red ball out of a drum with 26 red balls. The Powerball jackpot is won by matching all five white balls in any order and the red Powerball. Each ticket costs $2. A ticket is defined as a set of five white and 1 red number.
a. [10 pts] What is the expected value for purchasing one ticket for the jackpot?
b. [10 pts] What would the minimum jackpot need to be in order to make the expected value equal 0? Round to the nearest dollar.
Related Book For
Statistics For Business & Economics
ISBN: 9781285846323
12th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Camm, James Cochran
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