SOLUTION: In a lottery game, a player picks six numbers from 1 to 24. If the player matches all six numbers, they win 30,000 dollars. Otherwise, they lose $1. What is the expected value o

Question 1206157: In a lottery game, a player picks six numbers from 1 to 24. If the player matches all six numbers, they win 30,000 dollars. Otherwise, they lose $1.
What is the expected value of this game?

Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.
In a lottery game, a player picks six numbers from 1 to 24.
If the player matches all six numbers, they win 30,000 dollars. Otherwise, they lose $1.
What is the expected value of this game?
~~~~~~~~~~~~~~~~~~~~~~

The number of all possible sextuples of numbers from 1 to 24, without repetitions, is

 =  = 134596.


So, the probability for the player to get the winning sextuple is  .


Therefore, the expected value of the game is

     - 1 = -0.777110761  dollars.


It means that a player loses, in average, 0.777110761 of a dollar 
if plays this game many times.

Solved.

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