Skip to ContentGo to accessibility pageKeyboard shortcuts menu
OpenStax Logo
College Algebra 2e

Introduction to Sequences, Probability and Counting Theory

College Algebra 2eIntroduction to Sequences, Probability and Counting Theory

A mega-millions lottery ticket.
(credit: Robert Couse-Baker, Flickr.)

A lottery winner has some big decisions to make regarding what to do with the winnings. Buy a new home? A luxury convertible? A cruise around the world?

The likelihood of winning the lottery is slim, but we all love to fantasize about what we could buy with the winnings. One of the first things a lottery winner has to decide is whether to take the winnings in the form of a lump sum or as a series of regular payments, called an annuity, over an extended period of time.

This decision is often based on many factors, such as tax implications, interest rates, and investment strategies. There are also personal reasons to consider when making the choice, and one can make many arguments for either decision. However, most lottery winners opt for the lump sum.

In this chapter, we will explore the mathematics behind situations such as these. We will take an in-depth look at annuities. We will also look at the branch of mathematics that would allow us to calculate the number of ways to choose lottery numbers and the probability of winning.

Order a print copy

As an Amazon Associate we earn from qualifying purchases.

Citation/Attribution

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Attribution information
  • If you are redistributing all or part of this book in a print format, then you must include on every physical page the following attribution:
    Access for free at https://openstax.org/books/college-algebra-2e/pages/1-introduction-to-prerequisites
  • If you are redistributing all or part of this book in a digital format, then you must include on every digital page view the following attribution:
    Access for free at https://openstax.org/books/college-algebra-2e/pages/1-introduction-to-prerequisites
Citation information

© Jan 9, 2024 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.