Question
Score: 0 of 4 points
You buy a lottery ticket to a lottery that costs
per ticket. There are only 300 tickets available to be sold in this lottery. In this lottery there are one
prize(s), two
prizes, and fifteen
prizes. Find your expected gain or loss. (Round to 2 decimal places if needed.)
Expected gain or loss
Enter your answer
Note: Represent a gain with a positive answer and a loss with a negative answer.
You buy a lottery ticket to a lottery that costs
prizes. Find your expected gain or loss. (Round to 2 decimal places if needed.)
Expected gain or loss
Note: Represent a gain with a positive answer and a loss with a negative answer.
Ask by Macdonald Paul. in the United States
Mar 15,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Your expected loss is approximately $11.41.
Solution

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The Deep Dive
To calculate the expected gain or loss, we first need to determine the total value of the prizes in the lottery as well as the total number of tickets sold.
-
Total Prizes:
- One $500 prize
- Two $100 prizes:
- Fifteen $25 prizes:
Adding these together: -
Total Tickets Sold:
There are 300 tickets sold at $15 each. -
Calculating the Expected Value:
The expected value per ticket can be calculated by dividing the total value of prizes by the number of tickets, then subtracting the ticket cost.Calculating the expected value:- First, calculate
. - Now, subtract the cost of the ticket:
- First, calculate
Thus, your expected gain or loss is approximately:
So, you can expect a loss of about $11.42.