A lottery sells 1000 tickets at $1 apiece. There is one winner who receives $100, and 5 second place winners who receive $50 each. What is the expected value of a ticket? In your final answer, include the necessary calculations.

chance of winning $100 = 1/1000

chance of winning $50 = 5/1000 = 1/200

cost of ticket = -1

E[x] = 100* 1/1000 + 50* 1/200 -1

= 0.1 + 0.25 - 1 = -0.65

Step-by-step explanation:

hope this helps

50*10 is greater

step-by-step explanation:

if you add the zero from 10 to 50, it will give you a bigger number.