55. Lottery. A $2 Powerball lottery ticket has a 1/27.05 prob- ability of winning $4,...
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55. Lottery. A $2 Powerball lottery ticket has a 1/27.05 prob- ability of winning $4, a 1/317.39 probability of winning $7, a 1/10,376.47 probability of winning $100, a 1/913,129.18 probability of winning $50,000, a 1/11,688,053.52 probabil- ity of winning $1,000,000, and a 1/292,201,338 probability of winning the Grand Prize. If the Grand Prize is currently $100,000,000, what is the expected value of a single Power- ball lottery ticket?
55. Lottery. A \$2 Powerball lottery ticket has a 1/27.05 probability of winning $4, a 1/317.39 probability of winning $7, a 1/10,376.47 probability of winning $100, a 1/913,129.18 probability of winning $50,000, a 1/11,688,053.52 probability of winning $1,000,000, and a 1/292,201,338 probability of winning the Grand Prize. If the Grand Prize is currently $100,000,000, what is the expected value of a single Powerball lottery ticket
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