Hello, more difficulty with my probability assignment, please please help. What formulas would I use?
Most states offer weekly lotteries to generate revenue for the state. Despite the long odds of winning, residents continue to gamble on lottery every week. Chance of winning at the Georgia's pick 6 Lotto game is 1 in 23 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $7 million grand prize. Calculate your expected net winning. Interpret the results.
Thank you greatly for your assistance.