Question

A lottery ticket costs 5 dollars. If you win, you are paid 11 million dollars plus you keep the original 5 dollars. The probability of winning is one out of a 1,000,000. What the expected value of the lottery (round to nearest cent)

Answer 1

I am not entirely sure, but I believe the answer is 5 million.

Explanation:

If the probability of winning is one out of a 1,000,000, then there is 1 million participants, therefore 5 x 1,000,000 = 5 million.