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The Texas Lottery (https:,v'/www.txlottery.org/) lists the following probability for winning with a $1 ticket. Winnings $400,000 1f13,177,735 $20,000 11877340 $400 1!12,836 $20 1/465 $6 1/550
The Texas Lottery (https:,v'/www.txlottery.org/) lists the following probability for winning with a $1 ticket. Winnings $400,000 1f13,177,735 $20,000 11877340 $400 1!12,836 $20 1/465 $6 1/550 $1 1130 (a) What is the probability you win a po ve amount of money? Round to two decimal places \\:| (b) This will get us ready to discuss expected value' Take the dollar amount and multiply by the probability of winning that dollar amount Add these values up. This is how much you would expect to win (if you played the lottery a large number of times)' What is this amount? Round to 2 decimals $ (1:) Based on this computation, and considering a ticket costs 1 dollar, does it make sense to play the lottery? O No 0 Yes
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