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The chance of winning a lottery game is 1 in approximately 20 million. Suppose you buy a $5 ticket in anticipation of winnign the $10
The chance of winning a lottery game is 1 in approximately 20 million. Suppose you buy a $5 ticket in anticipation of winnign the $10 million grand prize. Let X denote the net winnings.
a) What distribution is this?
b) What is the expected net winnings ?
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