Question 736314
You buy a ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What are your expected winnings? 
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Random "winning" values:....499.........-1
Probabiities...........:.....1/1000...999/1000
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Expected "winnings" = (499-999)/1000 = -500/1000 = -50 cents
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Cheers,
Stan H.