Robert bought a $2 lottery ticket such that 1 in 100 would win $11, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets? Lose By how much?
Robert bought a $2 lottery ticket such that 1 in 100 would win $11, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets? Lose By how much?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter0: Preparing For Algebra
Section: Chapter Questions
Problem 71POT
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