10% chanceWin of 10 $90% chanceWin of 100 $ I am willing to pay at most                                              $ to play the lottery.

Question

10% chanceWin of 10 $90% chanceWin of 100 $ I am willing to pay at most                                              $ to play the lottery.
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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:

  1. Multiply the 10% chance of winning $10 by $10. This equals $1.
  2. 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

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