Powerball Lottery. The multi-state Powerball lottery advertises the following prizes and probabilities of winning for a single
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Powerball Lottery. The multi-state Powerball lottery advertises the following prizes and probabilities of winning for a single $1 ticket. Assume the jackpot has a value of
$30 million one week. Note that there is more than one way to win some of the monetary prizes (for example, two ways to win $100), so the table gives the probability for each way. What is the expected value of the winnings for a single lottery ticket? If you spend $365 per year on the lottery, how much can you expect to win or lose?
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