In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to
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In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999.
If your number comes up, you win $500, which is a profit of $499. If you lose, you lose $1. Your probability of winning is 0.001. What is the expected value of your profit? Is it an expected gain or an expected loss?
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