Imagine that you are doing research for a term paper in your English class and you have chosen the topic of “expected winnings of a lottery.” You find the following information for your state’s lottery:
Jackpot 1 in 60,000,000
$12,000 1 in 100,000
$750 1 in 10,000
$5 1 in 200
You know that it costs $2 to purchase the lottery ticket in order to play the game. What would you conclude in your term paper regarding the calculated expected value of your state’s game if the jackpot is $50,000,000? How would you interpret the meaning of this expected value so that the reader of your paper would understand it well?