Many lottery games for very large prizes include guessing which numbers will appear from a random...
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Many lottery games for very large prizes include guessing which numbers will appear from a random sample of the numbered balls. In Minnesota's Gopher 5 lottery, there are five balls numbered 1-47. If a player matches at least two balls, she wins a prize (see table below). If the cost of playing is $1, at least how large must the jackpot be before the expected return of playing Gopher 5 becomes favorable to the player? Assume there is only one winner, and also ignore the fact that winnings are also taxed. Please provide just a numerical value for your answer, do not include a dollar sign. Match Odds Win Jackpot 1 in 1,533,939 5 of 5 4 of 5 $500 3 of 5 $15 2 of 5 $1 1 in 7,304 1 in 178 1 in 13 Many lottery games for very large prizes include guessing which numbers will appear from a random sample of the numbered balls. In Minnesota's Gopher 5 lottery, there are five balls numbered 1-47. If a player matches at least two balls, she wins a prize (see table below). If the cost of playing is $1, at least how large must the jackpot be before the expected return of playing Gopher 5 becomes favorable to the player? Assume there is only one winner, and also ignore the fact that winnings are also taxed. Please provide just a numerical value for your answer, do not include a dollar sign. Match Odds Win Jackpot 1 in 1,533,939 5 of 5 4 of 5 $500 3 of 5 $15 2 of 5 $1 1 in 7,304 1 in 178 1 in 13
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