SOLUTION: Im stuck on this question and I do not understand it fully. Someone please help me understand? Suppose you buy one of 2000 tickets sold at $1.00 each in a lottery where the priz

Question 946547: Im stuck on this question and I do not understand it fully. Someone please help me understand?
Suppose you buy one of 2000 tickets sold at $1.00 each in a lottery where the prize is $500 to the winner. What is the expected value (net winnings) for this game? Is this a fair game.

Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Look at the number of chances to lose, 1999, and the number of chances to win, 1.

No, if it was fair the expected value would be $0.
For every dollar you put in, you can expect to lose 75 cents.
Not fair at all.

RELATED QUESTIONS
Im stuck on this question and I do not understand it fully. Someone please help me... (answered by Fombitz)

Could someone please help, I do not fully understand this question thanks in advance (answered by Alan3354)

HELP this is my last question before I have to hand this in in an hour, can someone help... (answered by stanbon)

Can you help me with these questions? I did not get this out of a book, it was a handout. (answered by ankor@dixie-net.com,bucky)

-12-(-17) _____________ -23-(-23) This is a fraction, and this is my last... (answered by jayanthihemkos@yahoo.com)

Im stuck on this one problem and Im not getting it at all can you help me... (answered by saifoo.khan)

I do not fully understand radical expressions like 7 times the square root of 12. How... (answered by ankor@dixie-net.com)

Can you please help me understand this question i really do not understand it: y = 4x +... (answered by wgunther)

Hello, I do not understand how to solve mutiplyins fractions with varibles. I am stuck (answered by sofiyac,ucangetbushra@hotmail.com)