Question
A lottery system has balls numbered 1 to 55 and randomly selects 7 of the lottery balls. There is only one prize of $7,900,000.00 which
A lottery system has balls numbered 1 to 55 and randomly selects 7 of the lottery balls. There is only one prize of $7,900,000.00 which is awarded only if a lottery player selects the correct set of 7 lottery balls.
a) If a lottery ticket costs $5.00, what is a lottery players expected value?
b) How much would the lottery prize have to be worth if it was to be a fair game?
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Contemporary Mathematics
Authors: OpenStax
1st Edition
1711470554, 978-1711470559
