Lottery. A $2 Powerball lottery ticket has a 1 / 27.05 probability of winning $4 , a 1 / 317.39 probability of winning $7 , a 1 / 10 , 376.47 probability of winning $100 , a 1 / 913 , 129.18 probability of winning $50,000 , a 1 / 11 , 688 , 053.52 probability of winning $1,000,000 and a 1 / 292 , 201 , 338 probability of winning the Grand Prize. If the Grand Prize is currently $100,000,000 , what is the expected value of a single Powerball lottery ticket?
Lottery. A $2 Powerball lottery ticket has a 1 / 27.05 probability of winning $4 , a 1 / 317.39 probability of winning $7 , a 1 / 10 , 376.47 probability of winning $100 , a 1 / 913 , 129.18 probability of winning $50,000 , a 1 / 11 , 688 , 053.52 probability of winning $1,000,000 and a 1 / 292 , 201 , 338 probability of winning the Grand Prize. If the Grand Prize is currently $100,000,000 , what is the expected value of a single Powerball lottery ticket?
Solution Summary: The author calculates the expected value of a single Power-ball lottery ticket and the probability of winning it.
Lottery. A
$2
Powerball lottery ticket has a
1
/
27.05
probability of winning
$4
, a
1
/
317.39
probability of winning
$7
, a
1
/
10
,
376.47
probability of winning
$100
, a
1
/
913
,
129.18
probability of winning
$50,000
, a
1
/
11
,
688
,
053.52
probability of winning
$1,000,000
and a
1
/
292
,
201
,
338
probability of winning the Grand Prize. If the Grand Prize is currently
$100,000,000
, what is the expected value of a single Powerball lottery ticket?
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