George Buys Six Lottery Tickets for $2 Each

question 39

Essay

George buys six lottery tickets for $2 each.In addition to the grand prize,there is a 20% chance that each lottery ticket gives a prize of $4.Assume that these tickets are not grand prize winners.
a.What is the probability that the tickets pay out more than George spent on them?
b.What is the probability that none of the tickets are winners?
c.What is the probability that at least one of the tickets is a winner?

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Definitions:

Tax Liability

The total amount of tax that an individual, corporation, or other entity is legally obligated to pay to a taxing authority.

Single Person

An individual who is not married or in a romantic relationship that is formally recognized, especially with reference to legal or social status.

Full-Time Student

A status for individuals enrolled in a higher educational institution with a full course load, impacting tax credits and dependency status for taxes.

Personal Exemption

A deduction allowed by the IRS for the taxpayer, the spouse, and eligible dependents, significantly reduced and effectively eliminated with the Tax Cuts and Jobs Act for tax years 2018 through 2025.