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In a lottery game, each ticket cost $12. You have a 10/1000 probability of winning $300, and 50/1000 probability of winning $100. What is your expected value if you buy 1 ticket?

In a lottery game each ticket cost 12 You have a 101000 probability of winning 300 and 501000 probability of winning 100 What is your expected value if you buy class=

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Answer:

80% chance of winning$100

Step-by-step explanation:

50/1000 , 10/1000

=> 0.05, 0.01

0.05 - 0.01

0.04 ÷ 0.05

0.8 × 100

=> 80%

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