A popular state lottery is played with prizes that are set: First prize is
$60,000,
second prize is
$600,
and third prize is
$6.
To win first prize, you must select all five of the winning numbers, numbered from 1 to 35. Second prize is awarded to players who select any four of the five winning numbers, and third prize is awarded to players who select any three of the winning numbers. The cost to purchase a lottery ticket is $1. Find the expected value of the state lottery game and describe what this means in terms of buying lottery tickets over the long run.
Question content area bottom
Part 1
Find the expected value of state lottery game.
Expected
valueequals$enter your response here
(Round to the nearest cent as needed.)
Part 2
Describe what this means in terms of buying lottery tickets over the long run. Select the correct choice below.
A.
In the long run, a person can expect to lose an average of
$0.46
for each $1.00 ticket purchased.
B.
In the long run, a person can expect to gain the $1.00 spent for each ticket purchased.
C.
In the long run, a person can expect to lose the $1.00 spent for each ticket purchased.
D.
In the long run, a person can expect to gain an average of
$0.46
for each $1.00 ticket purchased.