Verizon 3:10 PM 37% myopenmath.com Due in 8 hours, 50 minutes. Due Sat 09/29/201

Question

Verizon 3:10 PM 37% myopenmath.com Due in 8 hours, 50 minutes. Due Sat 09/29/2018 11:59 pm Questions Grade: 3/8 Print Version Many lottery games for very large prizes include guessing which numbers will appear from a random sample of the numbered balls. In Minnesota's Gopher 5 lottery, there are five balls numbered 1-47. If a player matches at least two balls, she wins a prize (see table below). If the cost of playing is S1, at least how large must the jackpot be before the expected return of playing Gopher 5 becomes favorable to the player? Assume there is only one winner, and also ignore the fact that winnings are also taxed. Please provide just a numerical value for your answer, do not include a dollar sign. Match Win Odds 5 of 5 Jackpot 1 in 1,533,939 4 of 5 3 of 5 2 of 5 $500 $15 $1 1 in 7,304 l in 178 1 in 13 License Points possible: 1 This is attempt 1 of 5 Post this question to forum

Explanation / Answer

1)let jackpot value is 1

here for the game to be fair ; expected value of jackpot should be 1

hence x/1533969+500/7304+15/178+1/13=1

jackpot value =x =1181672

2)

average price =0.45*82.52+0.31*49.12+0.24*65.23=68.02

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