10% chanceWin of 10 $90% chanceWin of 100 $ I am willing to pay at most $ to play the lottery.
Question
Solution 1
The expected value of the lottery can be calculated by multiplying each outcome by the probability of that outcome, then adding those values together.
Here's how you can calculate it:
- Multiply the 10% chance of winning $10 by $10. This equals $1.
- Multiply the 90% chance of winning $100 by $ Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
10% ChanceWin 0 $90% ChanceWin 100 $ I am willing to pay at most $ to play the lottery.
10% chanceWin of 10 $90% chanceWin of 100 $ I am willing to pay at most $ to play the lottery.
90% ChanceWin of 0 $10% ChanceWin of 100 $ I am willing to pay at most $ to play the lottery.
40% ChanceWin 0 $60% ChanceWin 100 $ I am willing to pay at most $ to play the lottery.
40% ChanceWin of 0 $60% ChanceWin of 400 $ I am willing to pay at most $ to play the lottery.