The Michigan Lotto Commission publishes the fol- lowing Odds of winning: Match 6 of 6: 1...
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The Michigan Lotto Commission publishes the fol- lowing "Odds of winning: Match 6 of 6: 1 in 13,983,816; Match 5 of 6: 1 in 54,201; Match 4 of 6: 1 in 1,032. Overall odds: 1 in 1,013." How are these numbers obtained? Assuming that 1 million play, how large must the prize be before a $1 bet can expect to return more than $1? The Michigan Lotto Commission publishes the fol- lowing "Odds of winning: Match 6 of 6: 1 in 13,983,816; Match 5 of 6: 1 in 54,201; Match 4 of 6: 1 in 1,032. Overall odds: 1 in 1,013." How are these numbers obtained? Assuming that 1 million play, how large must the prize be before a $1 bet can expect to return more than $1?
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If the odds of winning is given as m in n it means that the chances of winning is m and losing ... View the full answer
Related Book For
Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber
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