Suppose you buy 1 ticket for $1 out of a lottery of 1000 tickets where the prize for the one winning ticket is to be $500. What is your expected value?
A) $0.00
B) −$0.40
C) −$1.00
D) −$0.50

Question

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The Answer of Suppose you buy 1 ticket for $1 out of a lottery of 1000 tickets where the prize for the one winning ticket is to be $500. What is your expected value?
A) $0.00
B) −$0.40
C) −$1.00
D) −$0.50

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