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# Help Asap, thanks!

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In a lottery, a ticket costs \$3, and the jackpot is worth \$250,000. In all, 100,000 tickets are sold, one ticket is randomly drawn, and the winner is awarded the jackpot. What are the expected winnings in dollars of buying one ticket (including the cost of the ticket)?

Any help would be greatly appreciated!

(I know this has been posted twice before but it never got answered. I hope to set thing straight)

Nov 28, 2017

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Expected value =

Amt spent * (probability of losing)  +  Jackpot * (probability of winning)  =

-3 * (99,999/100000) +   250,000* (1/100000)  ≈  -\$0.50

CPhill Sep 1, 2017

Nov 28, 2017
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Thanks SOOO much!!!

Be warned that the answer is  - \$0.50 I tried 0.50 on accident.

Mr.Owl  Nov 28, 2017
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It is really nice that you have given CPhill the credit though :)

Melody  Nov 28, 2017
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http://web2.0calc.com/questions/in-a-lottery-a-ticket-costs-3-and-the-jackpot-is_3

Guest Nov 28, 2017
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Thanks guest

Melody  Nov 28, 2017