Lotto 6/49, cont. Suppose a Lotto 6/49 ticket costs $1 and that the winner will receive $1,000,000.
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Lotto 6/49, cont. Suppose a Lotto 6/49 ticket costs $1 and that the winner will receive $1,000,000. What does the probability of winning need to be for this lottery to be actuarially fair, that is, for its price to equal its expected value?
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