(a) The Power ball lottery drawing of January 13th, 2016 had the largest payoff in its history, of $1.6 billion dollars. The lottery draw consists of picking 5 white balls at random, from an urn of 69 balls, numbered from 1 to 69 (without replacement, and the order of the balls is not important). In addition, a powerball is picked at random from an urn of 26 red balls, numbered 1 through 26. For a $2 ticket you can choose the 5 winning white balls and the winning power ball. What is the probability of a win?(b) Find the expected value of the power ball lottery(c) The expected winnings are defined as the value of the jackpot multiplied by the probability of winning it. How large should the Power ball jackpot be in order for the expected winnings to exceed the ticket price ($2)?

# (a) The Power ball lottery drawing of January 13th, 2016 had the large

by Panel | Nov 14, 2020 | Uncategorized