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Find the number of people buying tickets

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Reference no: EM131572382

Question: Find some conditions such that the expected value of buying a $1 lottery ticket in the New Jersey Pick-6 lottery has an expected value of more than $1. To win you have to select the six numbers drawn, where order does not matter, from the positive integers 1 to 49, inclusive. The winnings are split evenly among holders of winning tickets. Be sure to consider the total size of the pot going into the drawing and the number of people buying tickets.

Reference no: EM131572382

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