Mathematics, 17.03.2021 23:40, tayleeanntabeln2226

Let’s assume that the jackpot is $10,000,000 and there will be only one winner. Consider all the prizes and their respective probabilities as well as the possibility of losing $2 and its probability (from #1). Use all these values to determine the Expected
Value of your winnings from playing Powerball when you buy a single ticket. Does the Powerball appear to be a good gamble?
Now suppose that the jackpot increased to 25 million dollars (and there is going to be only one winner). Compute the Expected
Value of your winnings again. Does a larger jackpot change the Expected Value? If so, does Powerball appear to be a better
gamble when the jackpot is larger? Why or why not?

Answers: 2

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Let’s assume that the jackpot is $10,000,000 and there will be only one winner. Consider all the pri...