### Lottery Ticket Expected Value Calculation**Problem Statement:**A lottery ticket has a grand prize of $21.5 million. The probability of winning the grand prize is 0.000000023.**Task:**Determine the expected value of the lottery ticket. (Round your answer to 3 decimal places.)**Fields to be Completed:**- **Expected Value ($):** _[Input Field]_**Question:**Would you pay $1 for a ticket?- Yes- No**Instructions:**1. **Expected Value Calculation:** - Expected Value (EV) is calculated using the formula: \[ \text{EV} = (P_{\text{win}} \times \text{Prize}) + (P_{\text{loss}} \times \text{Loss}) \] - Where: - $P_{\text{win}}$ is the probability of winning. - $P_{\text{loss}}$ is the probability of losing. - Prize is the monetary reward for winning. - Loss is the cost of the ticket (if applicable).2. **Apply the Given Data:** - $P_{\text{win}} = 0.000000023$ - Prize = $21,500,000 - The cost of the ticket in this context can be considered $0 for simplicity, as we are only determining the expected value of winning. Therefore: \[ \text{EV} = (0.000000023 \times 21,500,000) \approx 0.495 \]3. **Consideration:** - Would you pay $1 for a ticket with an expected value of approximately $0.495?4. **Interactivity:** - Click "Check my work" to validate your answers. - Answer the question on your decision to buy the ticket for $1.5. **Navigation:** - Use the "Prev" and "Next" buttons to navigate through the tutorial.---**Technical Note:** Ensure to round your calculated expected value to three decimal places as instructed.

Name: ### Lottery Ticket Expected Value Calculation**Problem Statement:**A
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Description: ### Lottery Ticket Expected Value Calculation**Problem Statement:**A lottery ticket has a grand prize of $21.5 million. The probability of winning the grand prize is 0.000000023.**Task:**Determine the expected value of the lottery ticket. (Round you

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A lottery ticket has a grand prize of $21.5 million. The probability of winning the grand prize is .000000023, Determine the expected value of the lottery ticket. (Round your answer to 3 decimal places.) Expected value Would you pay $1 for a ticket? O Yes O No

A lottery ticket has a grand prize of $21.5 million. The probability of winning the grand prize is .000000023, Determine the expected value of the lottery ticket. (Round your answer to 3 decimal places.) Expected value Would you pay $1 for a ticket? O Yes O No

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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