As you can see there are 9 possible winning outcomes (plus 1 possible losing outcome, which is not listed, where you don't match any balls). The odds denote the probability that each of the outcomes will occur. For example, the probability of winning the grand prize is 1/292, 201, 338.00 % 0.00000000342, a very small number indeed! a. Compute the probabilities of each of the outcomes in your spreadsheet b. Enter the values of the different outcomes. Assume that the Jackpot is $100 million (in general the Jackpot varies from week to week depending on sales and roll overs). c. Compute the Expected Value of playing the lottery d. If a lottery ticket costs $2, is it worth playing PowerBall? e. In light of your answer to part (d), what does the existence and success of lotteries like PowerBall tell you about Expected Value Theory as theory of human decision making? Powerball Odds Grand Prize $1 Million $50,000 $100 $100 1 in 29220133800 1 in 11.688.053.52 1 in 913,129.18 1 in 36,525.17 1 in 14,494.11 1 in 579.76 1 in 701.33 1 in 91.98 1 in 38.32