document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1058079>Question 1058079</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Your friend tells you that you need to buy a lottery ticket (costs only $2) with the jackpot of 20 million dollars, because even with the low chances of 1 in 15,890,700 the expected value of this lottery is rather high. What is the expected value of this lottery? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #673091 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=673091\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Your friend tells you that you need to buy a lottery ticket (costs only $2) with the jackpot of 20 million dollars, because even with the low chances of 1 in 15,890,700 the expected value of this lottery is rather high. What is the expected value of this lottery? <BR>\n" );
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document.write( "Random \"winnings\" ..... 20x10^6......-2<BR>\n" );
document.write( "Probabilities:: ..... 15890700^-1...15,980699/15980700<BR>\n" );
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document.write( "Expected \"winnings\"::[20x10^6 - 2(15890699)]/15890700 = -74 cents<BR>\n" );
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document.write( "He can expect to lose 74 cents on each ticket he buys.<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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