Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In a lottery, you select 5 numbers from 1-50, 5 numbers are drawn by the lottery, if they match all the 5 numbers you selected,

image text in transcribed
In a lottery, you select 5 numbers from 1-50, 5 numbers are drawn by the lottery, if they match all the 5 numbers you selected, you win the Jackpot. Each lottery is independent. Each time you play you need to pay $1. a) You play this lottery every day for three 365-day years. The probability that you win the Jackpot twice is : b)There are 10 million people playing this lottery like you do ( once a day for three 365-day years), the probability at least one person win the Jackpot twice is: c)In order to be at least 1.0% sure that you can win the Jackpot at least once, what is the minimum number of year you need to play if you play once a day? (Put down an integer) d)Assume there is no other prize except the Jackpot. If you are risk neutral, you will not play the lottery if the Jackpot prize is below

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

Precalculus Enhanced With Graphing Utilities (Subscription)

Authors: Michael Sullivan, Michael Sullivan III

7th Edition

0134273125, 9780134273129

More Books

Students also viewed these Mathematics questions

Question

4. Similarity (representativeness).

Answered: 1 week ago