New York’s “Pick 10” is a 10/80 lottery. The lottery costs $1. If you match all 10 numbers, you win 500, 000; if you match 9 numbers you win $6000; if you match 8, you win $300; if you match 7, you win $40; and if you match 6, you win $10. If all your numbers do not match the winning ticket, you win $4. Find the probability of each of the possible payouts. Compute the probability of losing in the Pick 10. Use the past two parts to compute the expected value of the Pick 10; be sure to include the cost of the ticket in your calculations.
New York’s “Pick 10” is a 10/80 lottery. The lottery costs $1. If you match all 10 numbers, you win 500, 000; if you match 9 numbers you win $6000; if you match 8, you win $300; if you match 7, you win $40; and if you match 6, you win $10. If all your numbers do not match the winning ticket, you win $4. Find the probability of each of the possible payouts. Compute the probability of losing in the Pick 10. Use the past two parts to compute the expected value of the Pick 10; be sure to include the cost of the ticket in your calculations.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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New York’s “Pick 10” is a 10/80 lottery. The lottery costs $1. If you match all 10
numbers, you win 500, 000; if you match 9 numbers you win $6000; if you match 8, you win $300; if
you match 7, you win $40; and if you match 6, you win $10. If all your numbers do not match the
winning ticket, you win $4.
Find the
Compute the probability of losing in the Pick 10.
Use the past two parts to compute the
the cost of the ticket in your calculations.
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