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Question: The lottery. Many people spend a lot of money trying to win huge jackpots in state lotteries. Let's play a simplified version using only the numbers from 1 to 20. You bet on three numbers. The state picks five winning numbers. If your three are all among the winners, you are rich!

a) Simulate repeated plays. How long did it take you to win?

b) In real lotteries, there are many more choices (often 54) and you must match all five winning numbers. Explain how these changes affect your chances of hitting the jackpot.

Management Theories, Management Studies

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