Please note: We will discuss this assignment in class on Thursday 3/18.2021.
Go to the NY Lottery website and pick one game you would like to analyze. For games which have a current Jackpot amount posted – refer to that Jackpot amount as you do this assignment. (Games such as scratch-offs have fixed prizes which do not change.)
Refer to the odds and prizes posted for your game as you calculate the expected winnings. Probabilities are posted as odds – so an odds of 1 in 10 is the same as a probability 0.10. Keep in mind “winnings” are equal to prize money minus the cost of a ticket.
Please show all work. Make sure you create a table to keep track of the values of your random variable (possible winnings) along with their associated probabilities. This will help you to compute the expected value of the winnings for your game.
For an example, refer to the WINFALL lottery calculation we did together in class. No need to calculate the probabilities for your game, however, as they are given to you on the lottery website.
Please submit your assignment as an Excel file via Blackboard. I have created an assignment called “OpenLab Assignment 3” which is available under “Content.”
In order to receive credit, you must submit this assignment by uploading your Excel file to Blackboard. Please do NOT submit this assignment via email as you will not receive credit for it. If you have questions as to how to submit this assignment, please plan ahead and contact me in advance for help. Do not wait until the last moment as the assignment will close.
This assignment is due Friday 4/2/2021 at 5 pm.
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