10% ChanceWin 0 $90% ChanceWin 100 $ I am willing to pay at most $ to play the lottery.
Question
Solution 1
The expected value of the lottery can be calculated using the formula:
Expected Value = (Probability of Winning * Amount Won per Win) + (Probability of Losing * Amount Lost per Loss)
In this case, the probability of winning is 90% or 0.9 and the amount won per win is $100. The probability of losin 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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