Question
Many lottery games for very large prizes include guessing which numbers will appear from a random sample of the numbered balls. In Minnesota's Gopher 5
Many lottery games for very large prizes include guessing which numbers will appear from a random sample of the numbered balls. In Minnesota's Gopher 5 lottery, there are five balls numbered 1-47. If a player matches at least two balls, she wins a prize (see table below). If the cost of playing is $1, how large must the jackpot be before the expected return of playing Gopher 5 becomes favorable to the player? Assume there is only one winner, and also ignore the fact that winnings are also taxed. MatchWinOdds5 of 5Jackpot1 in 1,533,9394 of 5$5001 in 7,3043 of 5$151 in 1782 of 5$11 in 13
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