A lottery ticket has a grand prize of $31 million. The probability of winning the grand prize is .000000018. Determine the expec
ted value of the lottery ticket.
1 answer:
Answer:
$0.558
Step-by-step explanation:
The expected value is the sum of the value of each outcome times the chance that it happens. In this case, there are two outcomes:
- Win $31 million
- Win $0
Then our expected value can be calculated as:
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