The chance of winning a lottery game is 1 in approximately 22 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $6 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.
The chance of winning a lottery game is 1 in approximately 22 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $6 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.1: Equations
Problem 70E
Related questions
Question
The chance of winning a lottery game is 1 in approximately
22
million. Suppose you buy a $1 lottery ticket in anticipation of winning the
$6
million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.Expert Solution
Step 1
P(win game) = =
winning amount = 6 million $ = 6000000
ticket prize $1
P(lose game) =
expected winning for single ticket = ?
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