In the Florida Lottery, 6 out of 53 numbers are selectedby a player. Each chance

Question

In the Florida Lottery, 6 out of 53 numbers are selectedby a player. Each chance costs $1.00
Disregarding taxes, administrative fees, etc., how much wouldthe state have to pay for a winning ticket so that there is noadvantage to the state in the Lottery? In the Florida Lottery, 6 out of 53 numbers are selectedby a player. Each chance costs $1.00
Disregarding taxes, administrative fees, etc., how much wouldthe state have to pay for a winning ticket so that there is noadvantage to the state in the Lottery?

Explanation / Answer

P (win)= 1/(53!/48)=48!/53!=.000000002 cost= 1 if its fair expected value=0=P(win)*value of prize-1*cost value of prize=1/.000000002=344362200

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