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Suppose You Buy 1 Ticket for $1 Out of a Lottery

Question 46

Multiple Choice

Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value?


A) −$1.00- \$ 1.00
B) −$0.40- \$ 0.40
C) $0.00\$ 0.00
D) −$0.50- \$ 0.50

Correct Answer:

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