1) Amulti-state lottery advertises the prizes and probabilities of winning shown in the accompanying table for a single$1 ticket. The jackpot isvariable, but assume it has an average of$3 million. Note that the same prize can be given to two outcomes with different probabilities. What is the expected value of a single lotteryticket? If you spend$365 per year on thelottery, how much can you expect to win orlose?

Prize Probability Jackpot, 1/72,460,587 $150,000, 1/2,146,133 $5,000, 1/354,186 $150, 1/9,394 $100, 1/7,038 $5, 1/223 $5, 1/524 $2, 1/71 $1, 1/65

-What is the expected value of a single lotteryticket?

- If you spend$365 per year on thelottery, how much can you expect to win orlose?

2)When you give $4for a bet in a casinogame, there is a 260/495 probability that you will lose $4and there is a235/495probability that you will make a net gain of $4(If youwin, the casino gives you $4 and you get to keep your $4 bet, so the net gain is $4.)

-What is your expectedvalue? Round to the nearest hundredth as needed

-In the longrun, how much do you lose for each dollarbet? Round to the nearest 10th as needed