document.write( "Question 684743: The chance of winning a lottery game is 1 in approximately 21 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $8 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.
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Algebra.Com's Answer #424193 by stanbon(75887)\"\" \"About 
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The chance of winning a lottery game is 1 in approximately 21 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $8 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.
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\n" ); document.write( "Random \"winning\" values::::::::::: 8x10^6-1::::::::::::::::: -1
\n" ); document.write( "Probabilities::::::::::::::::::::: 1/21x10^6::::: (21x10^6-1)/(21x10^6)
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\n" ); document.write( "E(x) = [8x10^6-1 - 21x10^6-1]/21x10^6
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\n" ); document.write( "= -0.62
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\n" ); document.write( "You can expect to lose 62 cents on each dollar you spend on the lottery.
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H. \n" ); document.write( "
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