A ticket in a typical lottery like Lotto 6/49 is usually $2. The

Question

probability of winning Lotto 6/49 is 1 in 13,983,816. The payoffs
(jackpots) are usually in excess of $1 million. Suppose that you buy
one ticket for $2 and the jackpot is $1 million. What is your expected
value of gain or loss? Explain your expected value. Note: for this
question, create the mass function, then calculate the expected
value.

Answer 1

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