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Consider a lottery with 100 million tickets in which each ticket has a unique number. Each ticket is sold for $1, and one ticket is
Consider a lottery with 100 million tickets in which each ticket has a unique number. Each ticket is sold for $1, and one ticket is drawn for a single prize of $75 million (and no other prizes). If you were to spend $1 million to purchase 1 million lottery tickets, what would the most likely result be? Choose the correct answer below. O A. You would lose your entire $1 million. No matter how many tickets are bought, the chance of winning the lottery is still 1 in 100 million. O B. You would win back $750,000 of your $1 million. You will lose about 25 cents per ticket, so you'll end up with $750,000 in the end. O C. You would be the lottery winner. Buying 1 million tickets gives you a 1% chance of winning, which is a much higher chance than the people who bought one ticket have. O D. You would be the lottery winner. Buying 1 million tickets increases your chances of winning by 1 million percent. O E. You would win back $750,000 of your $1 million. The expected value in buying 1 million tickets is $750,000. OF. You would lose your entire $1 million. If you spend $1 million on something, you have $1 million less than you had before. Therefore, you lost your entire $1 million
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