document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1026010>Question 1026010</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A state lottery ticket costs $1. The probability of winning $1,000,000 is 0.0000001,  the probability of winning $1,000 is 0.000005, and the probability of winning $10 is 0.0002.  Find the expected value (gain or loss) on one ticket.\r<BR>\n" );
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document.write( "I have created my chart with outcomes, probabilty & x* pr but am having trouble getting the expected vaule , can you please assist? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #641277 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=641277\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> x*p(x).  Strictly speaking the probability of not winning is a little less for $10, because there are chances of winning one of the other two.  Rounding error makes it small enough to ignore.<BR>\n" );
document.write( "$1,000,000*1 X 10^(-7)=$0.10<BR>\n" );
document.write( "$1000*0.000005=$0.60<BR>\n" );
document.write( "$10*0.0002=$0.002.<BR>\n" );
document.write( "Probability of losing is (1-.0000001-.000005-0.0002), but that is essentially 1. (it is 0.999749).<BR>\n" );
document.write( "That is the loss.<BR>\n" );
document.write( "The expected value is 0.702-0.999749=-0.2977, or -$-0.30 rounded to nearest cent. </SPAN>\n" );
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