Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50 million would win 1 mi
llion. What is the expected value of a lottery ticket in dollars?
Does Robert expect to earn a profit if he buys 100 tickets?
By how much?
1 answer:
Answer:
Loss of $4.78
Loss of $478
Step-by-step explanation:
Expected value = Sum of (winning amount x winning probability) - cost of lottery ticket
Expected value = ( $10 x 1/100 + $100 x 1/1000 + $1 million x 1/$50 million ) - $5
Expected value= $0.22 - $5
Expected value= - $4.78
The Negative value of expected value indicates loss)
Amount expected to lose if 100 tickets are bought = 100 x $4.78 = $478
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