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Ashline and Ellis-Monaghan The Lottery THE LOTTERY
 

Summary: Ashline and Ellis-Monaghan The Lottery
THE LOTTERY:
A DREAM COME TRUE OR
A TAX ON PEOPLE WHO ARE BAD AT MATH?
George Ashline and Joanna Ellis-Monaghan
ADDRESS: Department of Mathematics
St. Michael's College
Winooski Park
Colchester, VT 05439
E-mail:
gashline@smcvt.edu
jellis-monaghan@smcvt.edu
ABSTRACT: We present a lottery project for lower level mathematics courses that
demonstrates financial decision making in a context familiar to students. Students use the
basic principals of probability and financial mathematics to compare the expected values
of buying Powerball lottery tickets to some basic savings plans. Then, they compare the
expected values of the current lottery game with its previous versions. We also provide
suggestions for extending the project for more advanced courses and an annotated
resource list.
KEYWORDS: Mathematics of finance, finite mathematics, lottery, expected value,

  

Source: Ashline, George - Department of Mathematics, Saint Michaels College

 

Collections: Mathematics