Mathematics, 17.02.2022 20:30 erikloza12pdidtx

A scratch-off lottery ticket costs 5 dollars. If the ticket wins, it can be redeemed for 100 dollars. If the ticket loses, the ticket is worthless. According to the lottery's website, 4% of all tickets are winners.
The expected value of buying a ticket is -1 dollar

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A scratch-off lottery ticket costs 5 dollars. If the ticket wins, it can be redeemed for 100 dollars...

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A scratch-off lottery ticket costs 5 dollars. If the ticket wins, it can be redeemed for 100 dollars. If the ticket loses, the ticket is worthless. According to the lottery's website, 4% of all tickets are winners. The expected value of buying a ticket is -1 dollar

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Another question on Mathematics

A scratch-off lottery ticket costs 5 dollars. If the ticket wins, it can be redeemed for 100 dollars. If the ticket loses, the ticket is worthless. According to the lottery's website, 4% of all tickets are winners.
The expected value of buying a ticket is -1 dollar