40% ChanceWin of 0 $60% ChanceWin of 10000 $ 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) + (Probability of Losing * Amount Lost)
In this case, the amount lost is the amount you pay to play the lottery. Let's denote this as 'x'. The expected value of the lottery 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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