SOLUTION: New York has a lottery game called Quick Draw,in which the player can pick anywhere from 1 up to 10numbers from 1 to 80. The computer then picks 20 num-bers, and how much you win i
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-> SOLUTION: New York has a lottery game called Quick Draw,in which the player can pick anywhere from 1 up to 10numbers from 1 to 80. The computer then picks 20 num-bers, and how much you win i
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Question 296034: New York has a lottery game called Quick Draw,in which the player can pick anywhere from 1 up to 10numbers from 1 to 80. The computer then picks 20 num-bers, and how much you win is based on how many of your numbers match the computer’s. For simplicity, we will onlyconsider the two cases in which you pick 4 or 5 numbers.The payoffs for each dollar that you bet are given in the table below.
How Many Numbers Match theComputer’s Numbers
0 1 2 3 4 5
you pick 4 0 0 1 5 55
you pick 5 0 0 0 2 20 300
a. According to the Quick Draw playing card, the “OverallChances of Winning” when you pick 4 are “1:3.86,”while the chances when you pick 5 are “1:10.34.” Verifythese figures.
b. Find the expected value when you pick 4 and when youpick 5, betting $1 each time.
c. Based on your results from parts a and b, are you betteroff picking 4 numbers or picking 5? Explain your rea-soning. Answer by reid2(1) (Show Source):
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