Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? 4.78 Does Robert expect to earn a profit if he buys 100 tickets? Lose By how much? 478 Check Answer 100% 70°F Mostly cl..
Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? 4.78 Does Robert expect to earn a profit if he buys 100 tickets? Lose By how much? 478 Check Answer 100% 70°F Mostly cl..
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.1: Equations
Problem 70E
Related questions
Question
Transcribed Image Text:Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1 in 50
million would win 1 million. What is the expected value of a lottery ticket in dollars?
4.78
Does Robert expect to earn a profit if he buys 100 tickets?
Lose
By how much?
478
Check Answer
100%
70°F Mostly cl..
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