Robert bought a $2 lottery ticket such that 1 in 100 wouldwin $11, 1 in 1000 would win $100, and 1 in 50 millionwould win 1 million. What is the expected value of alottery ticket in dollars?Does Robert expect to earn a profit if he buys 100 tickets?LoseBy how much?OF

Given information- We have given that Robert bought a $2 lottery ticket. Probability of winning $11…

Answered: Robert bought a $2 lottery ticket such…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Robert bought a $2 lottery ticket such that 1 in 100 would win $11, 1 in 1000 would win $100, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets? Lose By how much?