Multiple Choice
A scratch-off lottery ticket costs $5.00 to purchase, and it pays out a prize of $0, $5, $10 and $100 with probabilities of 90%, 8%, 1.5% and 0.5%, respectively. What is the expected value of the profit of this Scratch-off lottery ticket?
A) -$4.49
B) -$4.25
C) -$4.08
D) -$3.95
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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