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Posted: October 23rd, 2020
The governor has come up with three potential models for the lottery.
Question description
The governor has come up with three potential models for the lottery. In each model, 50 balls with numbers 1-50 are dropped in a barrel. Balls are selected at random and not returned to the barrel. The lottery will be run weekly, with ticket sales divided as below. 25% costs of running the lottery 25% payout to winners 50% General Education Fund In this model, each ticket will have four numbers. No two tickets can have the same combination of numbers, so each ticket is unique. In this model, the governor projects that he will sell 2.5 million tickets at $5 per ticket each week. Based on this information, What is the probability that any individual ticket will win the lottery each week? (Remember - is each draw a mutually exclusive event?) What is the probability that a winning ticket is sold each week? How much money will this lottery model make for the General Education Fund in a week? In a year?
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