In the Virginia lottery in 1992, six numbers were drawn at random from 44 numbers; the winner
Question:
In the Virginia lottery in 1992, six numbers were drawn at random from 44 numbers; the winner needed to select all six, in any order. Each ticket (with one such combination) cost $1. The total number of possible six-number combinations was 7,059,052. One week in February of that year, the jackpot in the Virginia lottery had risen to $27 million.
(a) What was the expectation value of each ticket in the Virginia lottery that week?
These unusual circumstances led an Australian gambling syndicate to try to buy all of the tickets in the Virginia lottery that week. They fell short, but they were able to acquire some 5 million of the available six-number combinations.
(b) What was the expectation value of their $5-million purchase? (Yes, the Aussies won!)
Step by Step Answer:
Introduction To Logic
ISBN: 9781138500860
15th Edition
Authors: Irving M. Copi, Carl Cohen, Victor Rodych