In a new lottery, the probability of winning is 1 in 10 million. If you win, you will win $10,000,000. The lottery costs $5 to play. What is the expected value of playing this lottery? Enter as a dollar amount without the dollar sign.
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The expected value is a calculated summary of a probability event, representing the average outcome if the event were to be repeated many times. It is calculated by multiplying each outcome by the probability of that outcome, then summing these products. Show more…
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