APFIVE Expected Value of a Lottery Ticket
A lottery sells tickets for $1 and offers a single prize of $7500. The table below shows the probability distribution for the net outcome of purchasing one ticket. What is the expected net outcome per ticket?
| Outcome | Ticket Payoff ($) | Probability |
|---|---|---|
| Win | 7499 | 0.0001 |
| Lose | -1 | 0.9999 |
A
-$0.25
B
$0.25
C
-$0.75
D
$0.00
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