Question

a lottery ticket has a grand prize of 30.1 million. the probability of winning the grand prize is 0000000.38. determine the expected value of the ticket.

Answer 1

11.438 million

Explanation:

To find the expected value, you multiply the probability by the grand prize of the lottery ticket.

The lottery ticket has a grand prize of 30.1 million.

The probability of winning the grand prize is 0.38

The expected value of the ticket is

`= 0.38 * 30.1million`

`= 11.438million`