Question

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A lottery ticket has a grand prize of $44.8 million. The probability of winning the grand prize is 000000020.
Determine the expected value of the lottery ticket. (Round your answer to 3 declmal places.)
Expected value​

Answer 1

Expected value would be $ 0.896

Explanation:

Given,

The price of the lottery ticket = $44800000,

Also, the probability of winning the grand prize = .000000020,

Thus, the expected value of the lottery ticket = value of the lottery ticket × probability of getting the lottery ticket

= 44800000 × .000000020

= $0.896

Note : value of lottery ticket = prize amount - cost of each ticket,

Here the cost price of a ticket is not given,

That's why we did not consider it.