In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket wi
ID: 2960653 • Letter: I
Question
In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with five numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all five numbers on a player's ticket match the five chosen, the player wins $100,000. The probability of this occurring is . If four numbers match, the player wins $300. The probability of this occurring is . If three numbers match, the player wins $10. The probability of this occurring is . Compute the expected net gain of a single play of the game from the player's point of view.I used probability distribution in my calculator to find the standard deviation but I'm not getting the right answer.
Explanation / Answer
I'm not exactly sure if this is right, but try this. Multiple the probability of getting all five numbers right times 100,000, then probability of four by 300, then the probability of three with 10. Add them all together.