Hey guys, first-time poster. I'm having particular difficulty with a question given in class, and my teacher is not very helpful.
Your chance of winning on one game in Tattslotto is 1/8150000. You purchase sufficient tickets to ensure a 50% chance of winning at least once and there are 16 games on each ticket. The cost of each ticket is $5.10 and the maximum amount possible to win is $1 000 000. Use Binary Distribution to decide if you come out on front in your investment.
I worked it out using logic but got a different answer using binary distribution. Can someone please help?