Question

The chance of winning a lottery game is 1 in approximately 2323 million. Suppose you buy...

The chance of winning a lottery game is 1 in approximately 2323 million. Suppose you buy a​ $1 lottery ticket in anticipation of winning the ​$77 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find muμequals=Upper E left parenthesis x right parenthesisE(x). muμequals=nothing

Math   Statistics-And-Probability   
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Answer #1

winning

loosing

expected winning

  

  

=0.304

so we expect $0.304 win if he pay $1 for playing

net expected winning =0.304-1= -0.696(dollar)

As we see when he pays $1 for game it will loose his $0.696 so here is high chances that he will loose his money, insted winning $7 million.

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