Question

In a lottery game, each ticket cost $12. You have a 10/1000 probability of winning $300, and 50/1000 probability of winning $100. What is your expected value if you buy 1 ticket?

Answer 1

80% chance of winning$100

Explanation:

50/1000 , 10/1000

=> 0.05, 0.01

0.05 - 0.01

0.04 ÷ 0.05

0.8 × 100

=> 80%