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March 30, 2017

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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.

  • statistic - ,

    the expected return is
    28 million x .000000023 = 0.64

    no, I would pay 64 cents.

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