Answer:
Explanation:
The expected value of a lottery ticket is the product of the amount of each prize by the probability of winning that prize, summed over all possible prizes. In this case, there is only one prize, the grand prize of $20.8 million, with a probability of 0.0000000024 of winning it. So the expected value of the lottery ticket is:
Expected value = (probability of winning grand prize) x (amount of grand prize)
= 0.0000000024 x $20,800,000
= $49.92
Therefore, the expected value of the lottery ticket is $49.92.