Question 770496: To win the lotto jackpot you need to guess 6 numbers from a possible 49 numbers (from 1 to 49) with no replacement.
a) What is the probability of winning the Lotto?
b) If you have to pay R3.50 to play the lotto, what is the smallest amount for which it would be rational to play to the lotto, assuming that no one else picks the same set of numbers as you do?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! To win the lotto jackpot you need to guess 6 numbers from a possible 49 numbers (from 1 to 49) with no replacement.
a) What is the probability of winning the Lotto?
# of ways to succeed::: 1
# of possible outcomes 49C6 = 13,983,816
P(winning) = 1/13,983,816
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b) If you have to pay R3.50 to play the lotto, what is the smallest amount for which it would be rational to play to play the lotto, assuming that no one else picks the same set of numbers as you do?
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To calculate the expected winning value you need to know the payoff for winning.
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Cheers,
Stan H.
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