For questions 3–6, assume a single jackpot winner so that the jackpot does not have to be shared. 3. If the jackpot is $40,000,000, calculate the expected cash prize. 4. If a ticket costs $2, what is the expected financial result from purchasing one ticket? Interpret (give the meaning of) this result. 5. If the jackpot is $250,000,000, what is the expected cash prize? What is the expected financial result from purchasing one $2 ticket? Interpret this result. 6. What amount must the jackpot be so that a profit from one $2 ticket is expected? 7. Research the Powerball lottery, and create a probability model similar to Table 3 for it. Repeat questions 3–6 for Powerball. Based on what you have learned, which lottery would you prefer to play? Justify your decision. Outcome Probability 1 1 6 2 1 6 3 1 6 4 1 6 5 1 6 6 1 6 Table 2 Cash Prize Probability Jackpot 0.00000000330 $1,000,000 0.00000007932 $10,000 0.00000107411 $500 0.00002577851 $200 0.00006874270 $10 0.00309316646 $4 0.01123595506 $2 0.02702702703 $0 0.95854817351 Table 3 Chapter Project 939
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