Multiple Choice
A scratch-off lottery ticket costs $1.00 to purchase, and it pays out a prize of $0, $1, $5 and $10 with probabilities of 85%, 12%, 2% and 1%, respectively. What is the expected value of the profit of this Scratch-off lottery ticket?
A) -$0.88
B) -$0.73
C) -$0.68
D) -$0.56
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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