Expected Value of Lottery Ticket

expected value of lottery ticket
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Crunch these numbers and that lotto ticket has an expected value of about –$ You would get more value out of those two bucks if you traded

Suppose that in a lottery for charity with 225 tickets, each ticket costs $1 First prize is $50, second prize $30, and third prize is $20 Then the possible Expected value is the probability multiplied by the value of each outcome For example, a 50% chance of winning $100 is worth $50 to you (if you don't mind the

arcane woods slot company can expect on average to earn a $115 profit per policy Lottery Tickets – In a state lottery, you pay $1 and pick a number from 000 to 999  If all four-digit numbers are equally likely, then the chance a ticket's number matches the winner is 1 in 10 000 Each digit is independent of the others, and