SOLUTION: In the Florida Lottery, 6 out of 53 numbers are selected by a player. Each chance costs $1.00 Disregarding taxes, aministrative fees, etc., how much would the state have to

Algebra ->  Finance -> SOLUTION: In the Florida Lottery, 6 out of 53 numbers are selected by a player. Each chance costs $1.00 Disregarding taxes, aministrative fees, etc., how much would the state have to      Log On


   

Question 256177: In the Florida Lottery, 6 out of 53 numbers are selected by a player. Each chance costs $1.00

Disregarding taxes, aministrative fees, etc., how much would the state have to pay for a winning ticket so that there is no advantage to the state in the Lottery?
Answer by solver91311(24713) About Me  (Show Source):
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for the number of combinations possible:

Calculate

I'll leave the arithmetic to you.

The practical answer is "All of the proceeds." There is also the possibility that only 1 ticket is sold and that ticket has the winning combination, in which case the winner gets $1. No advantage to the state implies no disadvantage either. It also allows for the possibility that more tickets are sold than the number of possible combinations, in which case if the payout of a buck for each of the winning combinations were used, then the state would profit by the number of tickets sold in excess of the number of possible combinations.

John