APFIVE Expected Value of a Lottery Ticket
A lottery sells tickets for $1 with a prize of $7500 for one winner (the net gain for the winner is $7499). Based on the table above, what is the expected net outcome per ticket?
| Outcome | Ticket Payoff ($) | Probability |
|---------|-------------------|-------------|
| Win | 7499 | 0.0001 |
| Lose | -1 | 0.9999 |
A
-$0.25
B
$0.00
C
$0.25
D
-$0.75
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