Troy University Probability of Winning Specific Amounts of Cash Problem
The Governor for the State of Alabama is considering starting a weekly lottery to help raise money for the state. The Gove …

Troy University Probability of Winning Specific Amounts of Cash Problem
The Governor for the State of Alabama is considering starting a weekly lottery to help raise money for the state. The Governor’s buddies have devised a game where participants must pick six numbers from a set of possible winning numbers. The more winning numbers the participant picks correctly, the greater the prize. The cost to participants is \$1 for each entry into the game. On the back of each ticket is the following information regarding the probability of winning specific amounts of cash. Numbers Matched Prize x Probability P(x) 1 \$1 0.4130195 2 \$10 0.132378 3 \$100 0.0176504 4 \$1,000 0.0009686 5 \$10,000 0.0000184 6 \$100,000 0.0000001 Note the following: The \$1 fee to play the game is a sunk cost for the contestant. That is, regardless of how many, if any, numbers the contestant matches, the contestant does not get the \$1 back. In the case of the contestant matching 2 numbers, the contestant pays \$1 to play and wins \$10, so the contestant’s net winnings are \$9. The grand prize is fixed at \$100,000, unlike other lotteries where the amount varies each week according to the number of contestants and winners during the previous week. Assume the probabilities provided above are accurate. Your cousin Louie tells you that he is going to buy one ticket every week, and he will have won almost \$200 by the end of the year. Should the governor rethink the lottery? Do you have any suggestions for improving the lottery? Is Louie correct about pocketing approximately \$200?

discussion
Review the Case Study bellow Next, examine the main structural and process changes that will be required to design and imp …

discussion

QUALITY: 100% ORIGINAL – NO PLAGIARISM

(USA, AUS, UK & CA PhD. Writers)

CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS

We are an online academic writing company that connects talented freelance writers with students in need of their services. Unlike other writing companies, our team is made up of native English speakers from countries such as the USA, UK, Canada, Australia, Ireland, and New Zealand.

## Qualified Writers

• At ClassicWritersBay.com, most of our writers are degree-holding native speakers of English who are familiar with various writing styles. Our writers are proficient in many fields, including Economics, Business, Accounting, Finance, Medicine, Chemistry, Literature, Mathematics, Statistics, and many others.
• Making our customers happy is an important part of our service. So do not be surprised if you get your paper well before the deadline!
• We pay a lot of attention to ensuring that you get excellent customer service. You can contact our Customer Support Representatives 24/7. When you order from us, you can even track the progress of your paper as it is being written!