Question

A lottery posted the probabilities of winning each prize and the prize amounts as shown in...

A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs​ $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per​ week? Should you actually expect to win or lose this​ amount? Explain.

Prize

$2,000,000

$200,000

$2000

Probability

1 in 40,000,001

1 in 20,000,001

1 in 10,000,001
Math   Statistics-And-Probability   
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