Suppose you are trying to decide whether to park illegally while you attend class. If you get a ticket, the fine is $25. Suppose the probability you get a ticket is 1/100.

Q1 Find the expected value of how much you would pay. Show your work.

Q2At what probability of a ticket would your expected value be zero? Show your work.

Q3Find the expected value of how much you would pay if the real probability of a ticket is 1/4. Show your work.