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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,
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 everyday for 3 years (365 day years). Find The probability that you win the jackpot twice. b) there are 10 million people playing this lottery like you do ( once a day for 3 365-day years), find the probability that at least one person wins the jackpot twice c) In order to be at least 1% sure that you can win the jackpot at least once, what is the minimum number of years you need to play if you play once a day? 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 _______)
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