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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 net winnings?

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 net winnings?
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5 votes
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 net winnings?

asked
User Manna
by
8.0k points

1 Answer

5 votes

Answer:

Expected Value = -1(999/1000) + 499(1/1000) = -500/1000 = -50 cents

Explanation:

answered
User Stanowczo
by
8.6k points
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