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.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.8: Probabilities Of Disjoint And Overlapping Events

Problem 2C

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