SOLUTION: For several years in Massachusetts, the lottery commission would mail residents coupons for free Lotto tickets. To win the jackpot in Massachusetts, you have to correctly guess al

Question 37423: For several years in Massachusetts, the lottery commission would mail residents coupons for free Lotto tickets. To win the jackpot in Massachusetts, you have to correctly guess all six numbers drawn from a pool of 36. What is the expected value of the free Lotto ticket if the jackpot is $8,000,000 and there is no splitting of the prize?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Massachusetts, you have to correctly guess all six numbers drawn from a pool of 36. What is the expected value of the free Lotto ticket if the jackpot is $8,000,000 and there is no splitting of the prize?
Probability of winning is 1/36C6= 1/1947792
Expected winnings are (1/1947792)(8,000000)=$4.10
Cheers,
Stan H.
RELATED QUESTIONS
For several years in Massachusetts, the lottery commission would mail residents coupons... (answered by Fombitz)

as a new years gift one state mailed residents coupons for one free lottery ticket. to... (answered by Boreal)

To win the lotto jackpot you need to guess 6 numbers from a possible 49 numbers (from 1... (answered by stanbon)

help!!!! Problem: Joe is giving out some coupons for 3 free hours of canoe rental.... (answered by jim_thompson5910)

Robert bought a $2 lottery ticket such that 1 in 100 would win $9, 1 in 1000 would win... (answered by math_tutor2020)

A sample of 168 residents were asked how much they spent on lottery tickets. 108 spent... (answered by swincher4391)

A local club sells 100 tickets every week from which a winning ticket is randomly... (answered by ikleyn)

16. Central high school is selling lottery tickets to raise money for a new sound system. (answered by venugopalramana)

Illinois Lotto In this game, the player chooses six different integers from 1 to 40. If... (answered by math_tutor2020)