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Imagine that you are doing research for a term paper in your English class and you have chosen the topic of “expected winnings of a lottery.” You find the following information for your state’s lottery: Prize Probability
asked by emma on July 31, 2013 
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A ticket in a typical lottery like Lotto 6/49 is usually $2. The probability of winning Lotto 6/49 is 1 in 13,983,816. The payoffs (jackpots) are usually in excess of $1 million. Suppose that you buy one ticket for $2 and the
asked by Kevin on September 29, 2017 
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To win the jackpot in a lottery in Iowa, participants have to select 6 unique winning numbers out of the numbers 1 through 49 in which the order does not matter. What is the probability of winning the jackpot? State your answer as
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A lottery ticket has a grand prize of $28 million. The probability of winning the grand prize is .000000023. Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Show your calculations and reasoning
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A lottery ticket has a grand prize of $28 million. The probability of winning the grand prize is .000000023. Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Show your calculations and reasoning
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In a oneshot game, if your rival advertises and you advertise, he will earn $7 million and you will earn $2 million in profits. If neither of you advertise, you will make $4 million and he will make $2 million. If you advertise
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asked by Pauline on September 10, 2011 
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The state lottery claims that its grand prize is $1 million. The lucky winner will receive $50,000 upon presentation of the winning ticket plus $50,000 at the end of each year for the next 19 years. Why isn't this really a
asked by Val on July 19, 2012 
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The state lottery claims that its grand prize is $1 million. The lucky winner will receive $50,000 upon presentation of the winning ticket plus $50,000 at the end of each year for the next 19 years. Why isn't this really a
asked by Val on July 18, 2012