Question

Once a woman won​ $1 million in a​ scratch-off game from a lottery. Some years​ later,...

Once a woman won​ $1 million in a​ scratch-off game from a lottery. Some years​ later, she won​ $1 million in another​ scratch-off game. In the first​ game, she beat odds of 1 in 5.2 million to win. In the​ second, she beat odds of 1 in 705,600. ​(a) What is the probability that an individual would win​ $1 million in both games if they bought one​ scratch-off ticket from each​ game? ​(b) What is the probability that an individual would win​ $1 million twice in the second​ scratch-off game?

Homework Answers

Answer #1

Definition-

(a)

In the first game,

In the first game,

Probability that an individual would win $1 milliion in both games if he bought one scratch-off ticket from each game

(b)

Probability that an individual would win $1 milliion twice in the second scratch-off game

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you play a $2 scratch off lottery game where there is a 1 in 4...
Suppose you play a $2 scratch off lottery game where there is a 1 in 4 chance to win $2, a 1 in 10 chance to win $10, a 1 in 15 chance to win $250, and a 1 in 35 chance to win $5000. Construct a probability distribution for x where x represents the possible net winnings, i.e., winnings minus cost, including the scratch off lottery games that yield no winnings. Use the probability distribution to calculate the expected...
In a lottery game, the jackpot is won by selecting five different whole numbers from 1...
In a lottery game, the jackpot is won by selecting five different whole numbers from 1 through 41 and getting the same five numbers (in any order) that are later drawn. In the Pick 3 game, you win a straight bet by selecting three digits (with repetition allowed), each one from 0 to 9, and getting the same three digits in the exact order they are later drawn. The Pick 3 game returns $500 for a winning $1 ticket. Complete...
In a lottery? game, the jackpot is won by selecting six different whole numbers from 1...
In a lottery? game, the jackpot is won by selecting six different whole numbers from 1 through 35 and getting the same six numbers? (in any? order) that are later drawn. In the Pick 3 ?game, you win a straight bet by selecting three digits? (with repetition? allowed), each one from 0 to? 9, and getting the same three digits in the exact order they are later drawn. The Pick 3 game returns ?$500 for a winning? $1 ticket. Complete...
1) Choose a lottery that has published odds. Make sure to post the odds in both...
1) Choose a lottery that has published odds. Make sure to post the odds in both "1 in X" format and in "p = 0.XXX" decimal format. For example, Flip a Coin has a 1 in 2 chance of being heads, p(heads) = 0.50 2) Explain why P(A and B) = 0, where P(A) = lottery number #1 is a winning jackpot ticket and P(B) = lottery number #2 is a winning jackpot ticket.   3) If there was a really...
A lottery payoff. A $1 bet in a state lottery's Pick 3 game pays $500 if...
A lottery payoff. A $1 bet in a state lottery's Pick 3 game pays $500 if the three-digit number you choose exactly matches the winning number, which is drawn at random. Here is the distribution of the payoff X: Payoff $0; probability: 0.999. Payoff $500; Probability: 0.001. Each day's drawing is independent of other drawings. (a) Hoe buys a Pick 3 ticket twice a week. The number of times he wins follows a B(104, 0.001) distribution. Using the Poisson approximation...
You just won $1 million dollars in the lottery! They offer you two options for your...
You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%.   What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your argument for your decision in a debate? Sorry, you...
The Florida lottery game Lotto is played by choosing six numbers from 1 to 53. If...
The Florida lottery game Lotto is played by choosing six numbers from 1 to 53. If these numbers match the ones drawn by the lottery commission, you win the jackpot. The table below shows the probability of winning a $32,000,000 jackpot, along with the amounts and probabilities of other prizes. Assuming that the jackpot was not split among multiple winners, find the expectation for buying a $1 lottery ticket. Round to the nearest tenth of a cent. (A calculator is...
You just won a lottery that promises to pay you $1 million exactly 10 years from...
You just won a lottery that promises to pay you $1 million exactly 10 years from today. Because the $1 million payment is guaranteed by the state in which you live, opportunities exist to sell the claim today for an immediate lump-sum cash payment. What is the least you will sell your claim for if you could earn the following rates of return on similar-risk investments during the 10-year period? Make sure to show your calculations for each the interest...
Reference text for questions 1a-1d: 1a. Suppose a scratch-off lottery game in NC claims that 25%...
Reference text for questions 1a-1d: 1a. Suppose a scratch-off lottery game in NC claims that 25% are of their cards yield a prize. To test whether the population proportion of cards containing a prize (denote \pi ) is different from 0.25, you obtain a random sample of 100 cards. Then, you find the proportion of cards containing a prize in your sample (denote (pie the math symbol) ) is equal to 0.21. Which (if any) of the following options correctly...
In the Powerball® lottery, the player chooses five numbers from a set of 69 numbers without...
In the Powerball® lottery, the player chooses five numbers from a set of 69 numbers without replacement and one “Powerball” number from a set 26 numbers. The five regular numbers are always displayed and read off in ascending order, so order does not matter. A player wins the jackpot if all six of the player’s numbers match the six winning numbers. a. How many different possible ways are there to select the six numbers? b. How many tickets would someone...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT