Find the expected value of the random variable. Round to the nearest cent unless stated otherwise. Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value
1 answer:
Answer:
Expected Value = - 0.5
Step-by-step explanation:
Expected Value [ E(X) ] = Σ {X. Probability (X)} = Σ [ (X).P(X) ]
Probability = 1 / 1000
X Value = 500 - 1 = 499
Probability = 1 - Probability Winning = 999 / 1000
X Value = -1
(1 / 1000) (499) + (999 / 1000) (-1)
0.499 - 0.999
= - 0.5
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