Question
A lottery ticket costs $1. I have a 99.99999% chance of winning nothing (so if I don't win, I just lose the $1 I put
A lottery ticket costs $1. I have a 99.99999% chance of winning nothing (so if I don't win, I just lose the $1 I put in). I have a 0.00001% of winning $2,368,945. What is the expected value of buying a lottery ticket?
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Auditing And Systems Exam Questions And Explanations
Authors: Irvin N. Gleim, William A. Hillison
13th Edition
1581945272, 978-1581945270
