Google your state’s Powerball or megamillions and calculate the probability of winning the jackpot. Most sites report odds instead of probability, so you’ll need to do a simple conversion.
Share a link that takes us to the odds information on your state’s Powerball or megamillions. – (My state is Virginia)
In your original post, answer the following:
- Create a probability table for this distribution
- What is your expected gain or loss from playing?
- If you played 100 times how much would you expect to win or lose?
- After looking at this information and doing a few calculations, would you play? Why or why not?
- Is it binomial? I’ll leave this for you to investigate and explain.