Robert Bought A $5 Lottery Ticket Such That 1 In 100 Would Win $10, 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?

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Robert Bought A $5 Lottery Ticket Such That 1 In 100 Would Win $10, 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?. 1 in 5 to win a free ticket (worth $1), 1 in 100 to win $5, 1 in 100,000 to win $1000, and 1 in 10 million to. #### solution by steps ***step 1:

Solved Robert bought a 5 lottery ticket such that 1 in 100
Solved Robert bought a 5 lottery ticket such that 1 in 100 from www.chegg.com

Then the cost of the lottery ticket has to be subtracted from the sum of all the winning. Probability = \( \frac{1}{100} \), value = $10 \[ ext{expected value} = \frac{1}{100}. What is the expected value of a lottery ticket in dollars?.

Robert Bought A $5 Lottery Ticket Such That 1 In 100 Would Win $10, 1 In 1000 Would Win $100, And 1 In 50 Million Would Win 1 Million.


Robert bought a $1 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50 million would win 1 millipn. Then the cost of the lottery ticket has to be subtracted from the sum of all the winning. Robert bought a $\$ 5$ lottery ticket such that 1 in 100 would win $\$ 10,1$ in 1000 would win $\$ 100$, and 1 in 50 million would win 1 million.

1 In 5 To Win A Free Ticket (Worth $1), 1 In 100 To Win $5, 1 In 100,000 To Win $1000, And 1 In 10 Million To.


#### solution by steps ***step 1: What is the expected value of a lottery ticket in dollars?. What is the expected value of a lottery ticket in.

Solution For Robert Bought A $5 Lottery Ticket Such That 1 In 100 Would Win $10, 1 In 1000 Would Win $100, And 1 In 50 Million Would Win 1 Million.


To calculate the expected value first, we need to find the winning expected values of the given events. What is the expected value of a lottery ticket in dollars?. What is the expected value of a lottery ticket in dollars?

Probability = \( \Frac{1}{100} \), Value = $10 \[ Ext{Expected Value} = \Frac{1}{100}.


Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. Suppose that $1 lottery tickets have the following probabilities and values:

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