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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.

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
Problem 1P
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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) = 122 Million = 122000000

winning amount = 6 million $ = 6000000

ticket prize $1

P(lose game) = 1-122000000 = 2199999922000000

expected winning for single ticket = ?

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