*1. In the Virginia lottery in 1992, six numbers were drawn at random from 44 numbers; the winner needed to select all six, in any order. Each ticket (with one such combination) cost $1. The total number of possible six- number combinations was 7,059,052. One week in February of that year, the jackpot in the Virginia lottery had risen to $27 million. (a) What was the expectation value of each ticket in the Virginia lottery that week? These unusual circumstances led an Australian gambling syndicate to try to buy all of the tickets in the Virginia lottery that week. They fell short, but they were able to acquire some 5 million of the available six-number combinations. (b) What was the expectation value of their $5-million purchase? (Yes, the Aussies won!)
*1. In the Virginia lottery in 1992, six numbers were drawn at random from 44 numbers; the winner needed to select all six, in any order. Each ticket (with one such combination) cost $1. The total number of possible six- number combinations was 7,059,052. One week in February of that year, the jackpot in the Virginia lottery had risen to $27 million. (a) What was the expectation value of each ticket in the Virginia lottery that week? These unusual circumstances led an Australian gambling syndicate to try to buy all of the tickets in the Virginia lottery that week. They fell short, but they were able to acquire some 5 million of the available six-number combinations. (b) What was the expectation value of their $5-million purchase? (Yes, the Aussies won!)
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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Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Transcribed Image Text:*1. In the Virginia lottery in 1992, six numbers were drawn at random from
44 numbers; the winner needed to select all six, in any order. Each ticket
(with one such combination) cost $1. The total number of possible six-
number combinations was 7,059,052. One week in February of that year,
the jackpot in the Virginia lottery had risen to $27 million. (a) What was
the expectation value of each ticket in the Virginia lottery that week?
These unusual circumstances led an Australian gambling syndicate
to try to buy all of the tickets in the Virginia lottery that week. They fell
short, but they were able to acquire some 5 million of the available
six-number combinations. (b) What was the expectation value of their
$5-million purchase? (Yes, the Aussies won!)
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