prbes except the jockpot are fied dotar amounrs. the jackpot sotal s dspendent o
ID: 3134610 • Letter: P
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prbes except the jockpot are fied dotar amounrs. the jackpot sotal s dspendent on the amount ot money in the drow's total prike poo SCMA 301 Case 6 Derrick lwuamadi Probability and Expected Values winning Game: Power Ball ou eln the Powerbar Notes The advertzed jackpot is a 20 yoar annuity. A winner can select a one-tme cash payment, called the Cash Jackpol The Carsh Jackpot is appropnately heit the NNE ways to win a price in Powelt. if you do win te jackpot you will need to choose et payout car, open when you cldn your troo an anud Assume there ts only ona Jackpot winner - the winner teceivos tho entiro Jackpot Increase Your Prize with Power Play" or an additionol 51 per pla PRIZE BASED ON POWER PLAY BALL DRAWN powerball prizes and odds Only analyze the rogular game Ignore the "incroase Your Prize with Powe Py option MATCH PRIZES n your report answer the tollowing a The websne shows the odds or probablies of wining each prize What types of probablnes ate these as detned in the lext Chapter 5.3? Model Based (heotrolical) Probabity 5200 5300 00 00 5200 $300 5400 $1.00 100 $1000 4484 125( 04%) c What is he probability of not winning anything? 2425 ( 96%) Suppose the cash Jackpot es S50 mlin what $2 00 tckot? Be sure to inclade all the ways in wfuch a tcket can wis n the Expected Van of a 520 d addition to the Jackpot What is the moaning of the expected value cakculated in part d f is ths a good bet? Why or why nor? g Suppose you purchased ten $2 00 tickots, each with a difforont set ot numbers (otal bet $20 00) What is the expecled value of the $20 00 be? Assume the Cash Jackpot $50 dionExplanation / Answer
d) Expectected value = 50* 0.04 = 2 million
e) Expected value mean we can expect(or most likely to) get a prize amount of 2 million.
f) Yeah it is good bet as we can expect 2 millions for 2 dollars
g) Expectected value = 50* 0.04* 10 = 20 million
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