StudentShare solutions
Triangle menu

Lotteries - Research Paper Example

Not dowloaded yet

Extract of sample
Lotteries

In the United States, total annual lottery sales have grown into the billions of dollars.
Lotteries also provide an excellent opportunity to use elementary financial mathematics, as well as some probability, in a context familiar to students. Most students do not have major financial decisions to make, so the principles of financial mathematics may seem far removed from their lives. However, most of them are familiar with the lottery and the topic readily engages them. The application of these mathematical concepts in the lottery is discussed in this paper.
In several USA states and Canada Provinces, the 6/49 lottery operates as an average lottery. To win the lottery grand prize the contestant needs to select all six numbers exactly as drawn in the weekly or monthly contest. This will be used as the model system for the computations in this paper.
Starting with a bag of 49 differently-numbered lottery balls, there is clearly a 1 in 49 chance of predicting the number of the first ball selected from the bag. Accordingly, there are 49 different ways of choosing that first number. When the draw comes to the second number, there are now only 48 balls left in the bag (because the balls already drawn are not returned to the bag), so there is now a 1 in 48 chance of predicting this number.
Thus, each of the 49 ways of choosing the first number has 48 different ways of choosing the second. ...
This continues until the sixth number has been drawn, giving the final calculation, 49 48 47 46 45 44, which can also be written as :
.
The order of the 6 numbers is not significant. That is, if a ticket has the numbers 1, 2, 3, 4, 5, and 6, it wins as long as all the numbers 1 through 6 are drawn, no matter what order they come out in. Accordingly, there are 6 5 4 3 2 1 = 6! or 720 ways they could be drawn. Dividing 10,068,347,520 by 720 gives 13,983,816. This can also be written as:
.
This function is called the combination function, denoted as COMBIN(n, k) in some spreadsheet. Taken as a class, the number of possible combinations for a given lottery can be referred to as the "number space" (n). "Coverage" is the percentage of a lottery's number space that is in play for a given drawing (k).
Mathematical concepts can also be applied in making strategies in picking a number. Frequency analysis is a popular strategy that is used. It involves keeping track of the individual numbers that are drawn over a period of time. You might compare it to handicapping a racehorse; rating his past performance to determine what his chances of winning are in the future. The figure below shows how many times each of the numbers has come up in the main National Lottery draw. Here we look at whether the observed distribution of the number of times each of the 49 numbers has come up fits with what would be expected with a truly random draw.

Figure 1. Number of occurrences of 1 to 49 in 1240 lottery draws (UK National Lottery, 1997).
Numbers that appear often in a certain game are called hot numbers. Some players will play these hot numbers exclusively on the assumption that since they have appeared often in the past, they should appear again in the future. ...Show more

Summary

Playing the lottery is a favorite game among many. People of all ages and from all walks of life can be seen picking numbers and scratching off instant tickets. We have all dreamed of winning the big prize, one of the astronomical jackpots offered by some multi-state lotteries…
Author : avafeeney
Lotteries essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Lotteries"
with a personal 20% discount.
Grab the best paper

Related Essays

Business Research Paper: Obtaining funding
Relationship between sports and finance is necessary and from the ancient times when the Olympics started firstly, need of resources was there to arrange the event. Just like any other industry, the industry of sports also needs finance to continue its growth and survival.
12 pages (3000 words) Research Paper
Victimless crimes
The question that begs answers therefore is, ‘should the government interfere in such matters? It all depends on individual perceptions of victimless crimes as being immoral and disturbance to public order or those who view such activities as exercising personal autonomy and enjoying human rights as entailed in the American constitution Bill of rights (Fernandez, 25).
10 pages (2500 words) Research Paper
Research Support for the Project Proposal of Smoking Cessation Among Nurses
This paper provides research support to a facility-based smoking cessation programs for nurses. The most important elements of the program and their potential validity are discussed. The paper provides recommendations for program improvement, based on the current research.
5 pages (1250 words) Research Paper
Deviance Behaviors
Such behavior relies heavily on a person’s race or ethnicity and his social and economic background. Deviant behavior is present among all classes of people irrespective of their culture, gender, educational or social standing. 1. Deviant Behavior – Drug and Alcohol abuse in relation to Policymakers.
4 pages (1000 words) Research Paper
Analysis Of Lottery By Shirley Jackson
Although at times the prose makes the readers cringe at the brutality of the human race and the shackles of customs yet the story is an interesting piece of literature to highlight the various literary devices that amalgamate in order to create a story. Literary devices offer color, uniqueness or dynamism to a work.
6 pages (1500 words) Research Paper
Economic Impact of Legalizing Online Poker
Increased public understanding of and involvement in, poker has started significant argument among opponents and supporters of poker regarding both its economic practicality as well as its general impact on society. There are quite a lot of issues that clarify the unusual expansion of the poker during recent times.
24 pages (6000 words) Research Paper
Everyday life with Algebra in the Real World
??……...4 Surprising finding about how algebra affects personal life…………………………………………...5 References………………………………………………………………………………………………...6 Algebra applied to science In science, algebraic methods of computation are applied in the study of biological problems, particularly in the study of genes, proteomics, genomics and analysis of molecular structures.
4 pages (1000 words) Research Paper
The Time Surrounding The Lottery
There are two ways in which the story shows elements of things that were going on in the time period it was written. The first of these is a reflection of the Womens Movement, which was starting to become more wide-spread and which questioned traditional views. The
5 pages (1250 words) Research Paper
Research Support for the Project Proposal of Smoking Cessation Among Nurses
The paper provides recommendations for program improvement, based on the current research. Smoking is a serious problem among nurses. Much has been written and said about the role and
5 pages (1250 words) Research Paper
Immigration in the United States
large scale immigration periods (including the original colonies peopling, the 19th Century Western expansion and the current and the current peak that started in the 1970s) all of which have coincided with fundamental transformations of the American economy caused by
2 pages (500 words) Research Paper
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation