Based on the expected value of the lottery ticket would you, Ask an Expert

Statistics

Calculating the Mean of Distribution.

A lottery ticket has a grand prize of $25 million. The probability of winning is .000000042.

Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Round the answer to 3 decimal places. Omit the "tiny_mce_markerquot; sign in your response.)

The expected winning is $6.

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