NAMES_____________________________ PROJECT IV DUE MARCH 10Powerball is a lotto game which is a combined large jackpot game and a cash game. Every Wednesday and Saturday night at 10:59 p.m. Eastern Time, the Multi-State LotteryAssociation draws five white balls out of a drum with 53 balls and one red ball out of a drum with 42 red balls. Players win by matching one of the 9 ways to win. The purpose of this project is for you to compute correctly the probability and odds of winningand computing the expectations of $1 bet.PART I - Compute the probability and odds of winning each prize. You must show all your work in order to receive credit. The answers can be found at http://www.powerball.com/powerball/pb_prizes.asp . Remember the work is important!!!!! Match Prize Probability Odds 1. + JACKPOT 5 white + 1 red 2. $100,000 5 white Match Prize Probability Odds3. + $5,000 4 white + 1 red 4. $100 4 white 5. + $100 3 white + 1 red Match Prize Probability Odds 6. $7 3 white7. + $7 2 white + 1 red 8. + $4 1 white + 1 red 9. $3 0 white + 1 red Part II1. What are the overall odds and probability of winning a prize?2. Assume that the Jacpot has a cash value of $11 million. Compute the expected value of a $1 bet.3. What would the cash value of the Jacpot be if the expected value of $1 bet is
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