Question 1195798: Lottery. A $2 Powerball lottery ticket has a 1/27.05 prob-
ability of winning $4, a 1/317.39 probability of winning $7, a 1/10,376.47 probability of winning $100, a 1/913,129.18 probability of winning $50,000, a 1/11,688,053.52 probabil- ity of winning $1,000,000, and a 1/292,201,338 probability of winning the Grand Prize. If the Grand Prize is currently $100,000,000, what is the expected value of a single Power- ball lottery ticket?
Answer by ikleyn(52784)   (Show Source):
You can put this solution on YOUR website! .
A $2 Powerball lottery ticket has a 1/27.05 probability of winning $4,
a 1/317.39 probability of winning $7, a 1/10,376.47 probability of winning $100,
a 1/913,129.18 probability of winning $50,000,
a 1/11,688,053.52 probability of winning $1,000,000,
anda 1/292,201,338 probability of winning the Grand Prize.
If the Grand Prize is currently $100,000,000, what is the expected value
of a single Power- ball lottery ticket?
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It is
 = -1.337889628 dollars.
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