Powerball
The American dream is to hit the powerball jackpot and to never work again. Almost every person I have ever know has said "wouldn't it be nice to hit the jackpot?". The powerball game seems very simple and almost possible to win. In the following few pages the rules of the game, as well as the explanation of the actual freak chance that you could win the 170 million dollars and the options regarding the collection of the money. Also up for discussion is why is it that a 170 million dollar jackpot equates out to be only 90.4 million dollars in the bank. Furthermore which is the best way to receive the money? Is it annuity or lump sum?The first thing is the hardware of the game. There are two drums full of ping-pong type balls. The first drum is filled with fifty-three white balls. The second drum is filled with forty-two red balls. Each ball has a number on it. From the white ball drum there will be five balls drawn. From the red ball drum there will be one ball drawn and this is the power ball. To win the jackpot the ticket holder must match all five white balls in any order as well as the powerball number. There is a total of nine different ways to win some amount of money in powerball. This can range from
I took 170 million and divide it by 30. I had to figure out the formula for each possibility and get that answer and divide the jackpot odds by the possibility. Second is how many tickets you would like to buy and third is if you pick the option of the power play which could multiply a smaller win into a very large win. I decided to see how accurate the probability for the jackpot was and this is how I did it. Taking the lump sum and depositing it all in the bank and not touching any of it for twenty-nine years, would it be worth more than taking the monthly payments? So I went ahead and used the compound interest formula to see where the lump sum would be in twenty-nine years. 7 million dollars a year for the next twenty-nine years. This gave me the amount the winner would receive every year. The funny thing is that the advertised odds are not exactly 1 in 120,526,770. For Example the possibilities of winning the second place prize is 41. That freak chance has happened and you are the 1 in 120,526,770 that hit the jackpot, what is the best way to collect the money? Recently the tax laws have changed and the ticket buyer no longer has to decide when the ticket is purchased. That is a whole lot more than 170 million dollars. If you are a little older and want to live the rest of your life to the fullest go ahead and take the lump sum but think down the road you've given away almost two billion dollars. There's another twist to the game and it is called the powerplay. 66 1003 1 ((5!/2!)/(3!))x((48!/46!)/(2!)) 11,280 10,685.
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Acceptance Essays
