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correct answer I need this asap! The chance of winning a lottery game is 1 in approximately 25 million. Suppose you buy a $1 lottery ticket in...
correct answer I need this asap!
The chance of winning a lottery game is 1 in approximately 25million. Suppose you buy a $1 lottery ticket in anticipation of winning the $4
million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.
Find μ=E(x)
The distribution, X, winning a lottery game is,xP(x) 4,000,000 – 1= 3,999,999 -1 125,000,000 ( μ=E ( X )=∑ xp( x)= 3999999 × 25,000,000−1 24999999=25,000,00025,000,000 124999999+...