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Problem 1 is a discussion item and your response should be posted as such. Problem 2 should be answered in a single document as an Assignment....
In Keno, a player chooses 20 numbers from a list of 80. Each gamble costs $1. The table below shows the probability of getting anything from 0 up to all 20 correct together with the casino’s posted winning amounts. [Note that 17-or-more numbers correct pays out $20,000. Not bad fora $1 bet! But note that the probability of doing so is incredibly small; the bottom number in the table may be the smallest number that you have ever seen!!]
a) Note that the table shows that getting 3-6 numbers correct pays nothing. What is the probability of winning a payout of nothing (and therefore losing $1)?
b) What is the probability of winning a payout of exactly $1 (and therefore getting your $1 bet back)?
c) Compute the expected return on a $1 bet using the information in the table. There are a lot of numbers, but the calculation really isn’t too bad. Don’t let the size of the table intimidate you! Then subtract the $1 bet to find the expected winnings.
