Connecticut Lottery In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with five numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all five numbers on a player’s ticket match the five chosen, the player wins $100,000. The probability of this occurring is 1 324 , 632 . If four numbers match, the player wins $300. This occurs with probability 1 2164 . If three numbers match, the player wins $10. This occurs with probability 1 75 . Compute and interpret the expected value of the game from the player’s point of view,
Connecticut Lottery In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with five numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all five numbers on a player’s ticket match the five chosen, the player wins $100,000. The probability of this occurring is 1 324 , 632 . If four numbers match, the player wins $300. This occurs with probability 1 2164 . If three numbers match, the player wins $10. This occurs with probability 1 75 . Compute and interpret the expected value of the game from the player’s point of view,
Connecticut Lottery In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with five numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all five numbers on a player’s ticket match the five chosen, the player wins $100,000. The probability of this occurring is
1
324
,
632
. If four numbers match, the player wins $300. This occurs with probability
1
2164
. If three numbers match, the player wins $10. This occurs with probability
1
75
. Compute and interpret the expected value of the game from the player’s point of view,
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