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Problem 4: "Winfall" was a lottery game in Michigan in the early 2000s. The play was as follows: you select six different numbers from the range 1 through 49. Then the lottery holds its drawing, choosing six balls from a basket of 49 balls. If you match all six balls, you hit the jackpot, an amount that fluctuates week to week. If you match a lesser number of balls, smaller prizes are available. a). When many weeks pass by with nobody hitting the jackpot, and the jackpot grows above 5 million, the game enters a "Fall" phase and lesser prizes are inflated. Suppose that during the Fall, if you match exactly 3 balls, you are paid $50, if you match exactly 4 balls, you are paid $1000, and if you match exactly 5 balls, you are paid $20,000. Matching all 6 balls pays $5,000,000. Calculate the expected value of the payout for a single lottery ticket. If it costs $1 to play, should you play?

Problem 4: "Winfall" was a lottery game in Michigan in the early 2000s. The play was as follows: you select six different numbers from the range 1 through 49. Then the lottery holds its drawing, choosing six balls from a basket of 49 balls. If you match all six balls, you hit the jackpot, an amount that fluctuates week to week. If you match a lesser number of balls, smaller prizes are available. a). When many weeks pass by with nobody hitting the jackpot, and the jackpot grows above 5 million, the game enters a "Fall" phase and lesser prizes are inflated. Suppose that during the Fall, if you match exactly 3 balls, you are paid $50, if you match exactly 4 balls, you are paid $1000, and if you match exactly 5 balls, you are paid $20,000. Matching all 6 balls pays $5,000,000. Calculate the expected value of the payout for a single lottery ticket. If it costs $1 to play, should you play?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Problem 4: "Winfall" was a lottery game in Michigan in the early 2000s. The play was as follows: you select six different numbers from the range 1 through 49. Then the lottery holds its drawing, choosing six balls from a basket of 49 balls. If you match all six balls, you hit the jackpot, an amount that fluctuates week to week. If you match a lesser number of balls, smaller prizes are available. a). When many weeks pass by with nobody hitting the jackpot, and the jackpot grows above 5 million, the game enters a "Fall" phase and lesser prizes are inflated. Suppose that during the Fall, if you match exactly 3 balls, you are paid $50, if you match exactly 4 balls, you are paid $1000, and if you match exactly 5 balls, you are paid $20,000. Matching all 6 balls pays $5,000,000. Calculate the expected value of the payout for a single lottery ticket. If it costs $1 to play, should you play?
Transcribed Image Text:Problem 4: "Winfall" was a lottery game in Michigan in the early 2000s. The play was as follows: you select six different numbers from the range 1 through 49. Then the lottery holds its drawing, choosing six balls from a basket of 49 balls. If you match all six balls, you hit the jackpot, an amount that fluctuates week to week. If you match a lesser number of balls, smaller prizes are available. a). When many weeks pass by with nobody hitting the jackpot, and the jackpot grows above 5 million, the game enters a "Fall" phase and lesser prizes are inflated. Suppose that during the Fall, if you match exactly 3 balls, you are paid $50, if you match exactly 4 balls, you are paid $1000, and if you match exactly 5 balls, you are paid $20,000. Matching all 6 balls pays $5,000,000. Calculate the expected value of the payout for a single lottery ticket. If it costs $1 to play, should you play?
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