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What is the expected value for purchasing

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Reference no: EM132382004

Please see the question below. PLEASE explain your solution so I can better understand.

1. The current Powerball jackpot is estimated to be $193 million. The Powerball lottery is decided every Wednesday and Saturday night by drawing five white balls out of a drum with 69 balls and one red ball out of a drum with 26 red balls. The Powerball jackpot is won by matching all five white balls in any order and the red Powerball. Each ticket costs $2. A ticket is defined as a set of five white and 1 red number.

a. What is the expected value for purchasing one ticket for the jackpot?

b. What would the minimum jackpot need to be in order to make purchasing a ticket not detrimental for the player? Round to the nearest dollar.

Reference no: EM132382004

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