Mathematics, 19.11.2020 20:30 auty2925

You decide you are going to buy a lottery ticket if the expected earnings are larger than the ticket price. Tickets
cost $3, and you get $900 if you win. The odds of winning
1
are 1 in 400, meaning that you will win with probability
400
What is the expected earnings in this lottery, and should you
buy a ticket?

Answers: 1

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