The probability of winning the jackpot is highly not in my favor as the chances of winning are 1:55,000,000. Probability is defined as the evaluation of the eventuality that an event will happen at a random experiment, which in this case is the winning of the jackpot (Triola, 2018). Since the company is operating on making money by ensuring that I lose, they have placed a slim chance of winning. This is based on the rules of the game where one has to draw six numbers from a pool of seventy numbers. If given the opportunity to select winning numbers to the jackpot, I would select 6, 12, 19, 78, 20, and 44.
Reduced Lump Sum
Taking into consideration the time value of money, I would not take the annual installments as this will mean that the value of the jackpot will be lower compared with when I take the reduced lump sum. With a lump sum, it is easier to invest the amount in a worthwhile enterprise and forget about the lottery. Because the probability of winning a second time is extremely stretched since the lotteries operate in a binomial distribution where there are equal chances of either success or failure (Brémaud, 2017). But, in this case, the results are biased to favor a loss as once a number has been drawn, then the number will not appear again until in the next draw.
Delegate your assignment to our experts and they will do the rest.
Chances of Winning
The numbers that I have in mind have never won any jackpot before as I keep changing the number to increase the chances of winning. By alternating the numbers, the odds of winning are slightly in favor of winning even though the idea is far-fetched. The numbers referred to are 6, 12, 19, 78, 20, and 44.
References
Brémaud, P. (2017). Events and Probability. In Discrete Probability Models and Methods (pp. 1-19). Springer, Cham.
Triola, M., F. (2018). Elementary Statistic. (13th, ed). London: Pearson.
