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College Algebra

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Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.

  • College Algebra - ,

    Texas Lottery: grand prize is 1,000,000 dollars.

    Tickets cost $2
    Expected number sold: 4.3 million.

    probability win: 1/4.3million

    expected value of a $2 ticket=1million/4.3 million=23cents

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