Name: Probability: Group Problem Set 3 Directions: 1. Solve the following problems. Hand-write your solutions and explanations on your own paper (either standard notebook size (8x10.5) or standard typing size (8.5x11)). 2. You may use a pen or a pencil. The writing must be dark enough to be read easily. 3. Show your work and explain your reasoning using complete English sentences. 4. All papers for the group must be submitted at the same time once the entire group is done. 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? (Grade breakdown: 8 for set up/work; 1 for answer; 1 for explanation) Replace these words with your image of the solution, answer and explanation. (for question la only) b. [10 pts] What would the minimum jackpot need to be in order to make purchasing a ticket not detrimental for the player? Round to the nearest dollar. (Grade breakdown: 8 for set up/work; 1 for answer; 1 for explanation) Replace these words with your image of the solution, answer and explanation. (for question 1b only)