A state lottery...

Question

A state lottery ticket costs $1. The probability of winning $1,000,000 is 0.0000001, the probability of winning 1,000 is 0.000005, and the probability of winning $10 is 0.0002. Find the expected value on one ticket. 

Answer 1

To find the expected value, multiple each outcome (amount of money) by its probability and add all the numbers up. Hope that helps!