Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A state lottery has a Pick-5 Lotto game in which a player pays $1.00 for a ticket consisting of five numbers chosen from the counting

A state lottery has a "Pick-5 Lotto" game in which a player pays $1.00 for a ticket consisting of five numbers chosen from the counting numbers 1-37. Each week the state holds a televised drawing of five numbers, again, chosen from the counting numbers 1-37. If at least two of the five numbers on the player's ticket matches the numbers from the drawing the player gets a payoff according to the following scheme:

2 out of 5 numbers match $1.00

3 out of 5 numbers match $10.00

4 out of 5 numbers match $100.00

5 out of 5 numbers match $100,000.00

Find the player's net winnings in this game.

A) $0.52 B) -$.52 C) -$0.48 D) $1.52

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Linear Algebra A Modern Introduction

Authors: David Poole

3rd edition

9781133169574 , 978-0538735452

More Books

Students also viewed these Mathematics questions