Asked by Kim
A lottery ticket has a grand prize of $28 million. The probability of winning the grand prize is .000000023. Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Show your calculations and reasoning clearly.
Answers
Answered by
Reiny
the expected return is
28 million x .000000023 = 0.64
no, I would pay 64 cents.
28 million x .000000023 = 0.64
no, I would pay 64 cents.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.