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College Algebra with Corequisite Support

Introduction to Sequences, Probability and Counting Theory

College Algebra with Corequisite SupportIntroduction to Sequences, Probability and Counting Theory
  1. Preface
  2. 1 Prerequisites
    1. Introduction to Prerequisites
    2. 1.1 Real Numbers: Algebra Essentials
    3. 1.2 Exponents and Scientific Notation
    4. 1.3 Radicals and Rational Exponents
    5. 1.4 Polynomials
    6. 1.5 Factoring Polynomials
    7. 1.6 Rational Expressions
    8. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    9. Exercises
      1. Review Exercises
      2. Practice Test
  3. 2 Equations and Inequalities
    1. Introduction to Equations and Inequalities
    2. 2.1 The Rectangular Coordinate Systems and Graphs
    3. 2.2 Linear Equations in One Variable
    4. 2.3 Models and Applications
    5. 2.4 Complex Numbers
    6. 2.5 Quadratic Equations
    7. 2.6 Other Types of Equations
    8. 2.7 Linear Inequalities and Absolute Value Inequalities
    9. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    10. Exercises
      1. Review Exercises
      2. Practice Test
  4. 3 Functions
    1. Introduction to Functions
    2. 3.1 Functions and Function Notation
    3. 3.2 Domain and Range
    4. 3.3 Rates of Change and Behavior of Graphs
    5. 3.4 Composition of Functions
    6. 3.5 Transformation of Functions
    7. 3.6 Absolute Value Functions
    8. 3.7 Inverse Functions
    9. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    10. Exercises
      1. Review Exercises
      2. Practice Test
  5. 4 Linear Functions
    1. Introduction to Linear Functions
    2. 4.1 Linear Functions
    3. 4.2 Modeling with Linear Functions
    4. 4.3 Fitting Linear Models to Data
    5. Chapter Review
      1. Key Terms
      2. Key Concepts
    6. Exercises
      1. Review Exercises
      2. Practice Test
  6. 5 Polynomial and Rational Functions
    1. Introduction to Polynomial and Rational Functions
    2. 5.1 Quadratic Functions
    3. 5.2 Power Functions and Polynomial Functions
    4. 5.3 Graphs of Polynomial Functions
    5. 5.4 Dividing Polynomials
    6. 5.5 Zeros of Polynomial Functions
    7. 5.6 Rational Functions
    8. 5.7 Inverses and Radical Functions
    9. 5.8 Modeling Using Variation
    10. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    11. Exercises
      1. Review Exercises
      2. Practice Test
  7. 6 Exponential and Logarithmic Functions
    1. Introduction to Exponential and Logarithmic Functions
    2. 6.1 Exponential Functions
    3. 6.2 Graphs of Exponential Functions
    4. 6.3 Logarithmic Functions
    5. 6.4 Graphs of Logarithmic Functions
    6. 6.5 Logarithmic Properties
    7. 6.6 Exponential and Logarithmic Equations
    8. 6.7 Exponential and Logarithmic Models
    9. 6.8 Fitting Exponential Models to Data
    10. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    11. Exercises
      1. Review Exercises
      2. Practice Test
  8. 7 Systems of Equations and Inequalities
    1. Introduction to Systems of Equations and Inequalities
    2. 7.1 Systems of Linear Equations: Two Variables
    3. 7.2 Systems of Linear Equations: Three Variables
    4. 7.3 Systems of Nonlinear Equations and Inequalities: Two Variables
    5. 7.4 Partial Fractions
    6. 7.5 Matrices and Matrix Operations
    7. 7.6 Solving Systems with Gaussian Elimination
    8. 7.7 Solving Systems with Inverses
    9. 7.8 Solving Systems with Cramer's Rule
    10. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    11. Exercises
      1. Review Exercises
      2. Practice Test
  9. 8 Analytic Geometry
    1. Introduction to Analytic Geometry
    2. 8.1 The Ellipse
    3. 8.2 The Hyperbola
    4. 8.3 The Parabola
    5. 8.4 Rotation of Axes
    6. 8.5 Conic Sections in Polar Coordinates
    7. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    8. Exercises
      1. Review Exercises
      2. Practice Test
  10. 9 Sequences, Probability, and Counting Theory
    1. Introduction to Sequences, Probability and Counting Theory
    2. 9.1 Sequences and Their Notations
    3. 9.2 Arithmetic Sequences
    4. 9.3 Geometric Sequences
    5. 9.4 Series and Their Notations
    6. 9.5 Counting Principles
    7. 9.6 Binomial Theorem
    8. 9.7 Probability
    9. Chapter Review
      1. Key Terms
      2. Key Equations
      3. Key Concepts
    10. Exercises
      1. Review Exercises
      2. Practice Test
  11. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
  12. Index
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 villa in Saint Barthélemy? 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 the next 30 years or so.

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.

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© Sep 14, 2020 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License 4.0 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.