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NYS Lottery's Pick 10 game: You pick 10 integers between 1 and 80 (including 1 and 80). The state picks 20 numbers. If all 10 of your numbers are among the state's 20 numbers you win $500,000. (Note that the state won't give $500,000 to each winner if too many people get 10 numbers among the 20 but we will assume that you always get the $500,000 if you match the numbers.) On the webpage you will find the following information:
Winning Numbers Matched
Prize
Chances of Winning
10
$500,000*
1 in: 8,911,711
9
$6,000
1 in: 163,381
8
$300
1 in: 7,384
7
$40
1 in: 621
6
$10
1 in: 87
0
$4
1 in: 22
a) Show how you get the probabilities of winning all of the above amounts.
b) Find the expected winnings.
c) Find the expected gain after paying $1 to play.
d) Why do you think that you win something if you match 0 numbers, rather than say winning something if you match 5 numbers?
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