Q1: Consider a simplified lottery, in which there are 106 possible numbers. Each ticket costs $1,...
(a) If your life plan is to buy one lottery ticket every day for 5 days a week, 50 weeks a year for the next 50 years, where on any lottery ticket you have a one in 500,000,000 chance of winning the jackpot, what is the probability you will win the jackpot at least once in your lifetime? Hint: Let Wi be the event you win the jackpot with the ith lottery ticket. Assume these are independent. (b) (continued) Buying...
In a lottery, each ticket has 5 one-digit numbers 0-9 on it. (with no digit repeating twice) You win if your ticket has the digits in any order. What are your changes of winning? 1 / 252 1 / 100 1 / 148 1 / 30240
If you buy a lottery ticket in 50 lotteries, in each of which your chance of winning a prize is 1/100, what is the (approximate) probability that you will win a prize? A.) at least once? B.) exactly once? C.) at least twice? D.) How many times do you expect to win?
Please help with decision analysis In a certain state lottery, a lottery ticket costs $2. In terms of the decision to purchase or not to purchase a lottery ticket, suppose the following payoff table (in S) applies: 29. State of Nature Win Lose Decision Alternative Purchase lottery ticket, d Do not purchase lottery ticket, d 300,000 -2 If a realistic estimate of the chances of winning are 1 in 250,000, use the expected value approach to recommend a decision. If...
Suppose that each week you buy a ticket in a lottery which gives you a chance of 1/100 of a win. You do this each week for a year. Use a suitable Poisson distribution to estimate the chance that you get 2 wins during the year.
Consider now the following lottery: There are infinitely many tickets, of which 4% are a “win”. Every ticket costs $2, and a winning ticket pays out $120. (a) Give a lower bound on the probability that playing the lottery will win you money. (b) Find a price such that your losses can exceed this price with probability at most 25%.
Suppose a scratch-off lottery ticket cost $1, and has the potential for a $1,000 grand prize. You decide to buy one of these lottery tickets. Suppose that the random variable, X=Dollars Won, has the following probability distribution: x P(X=x) 1,000 .0001 10 1 .03 0 .95 a.) what is the probability that you will win $10? b.) how many dollars are you expected to win? c.) suppose your friend says," you will either win or loose with this ticket, that...
Question 7 In a lottery six different numbers can be selected between 1 and 40. If these six numbers match the six numbers drawn from the machine, then you win the jackpot. If each lottery ticket costs £1, then how much has to be spent in order to obtain a probability of more than 50 per cent of winning the jackpot? 1. £10 million 2. £2.5 million 3. £1.9 million 4. £3.2 million 5. None of the above
In a lottery game, the jackpot is won by selecting five different whole numbers from 1 through 38 and getting the same five numbers (in any order) that are later drawn. In the Pick 4 game, you win a straight bet by selecting four digits (with repetition allowed), each one from 0 to 9, and getting the same four digits in the exact order they are later drawn. The Pick 4 game returns $5 comma 000 for a winning $1...
(1 point) A certain senior citizen purchases 51, "6-49" lottery tickets a week, where each ticket consists of a different six-number combination. The probability that this senior will win - (to win at least three of the six numbers on the ticket must match the six-number winning combination) on any ticket is about 0.018638. What probability distribution would be appropriate for finding the probability of any individual ticket winning? Part (a) How many winning tickets can the senior expect to...