Suppose you buy 1 lottery ticket for $8. There are 1,000 tickets, where the prize for the one winning ticket is to be $665. What is your expected value? The table below summarizes the distribution. Round your answer to the nearest hundredth. Amount Won or Lost, x Probability, P(x) $665 0.001 -$8 0.999

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Suppose you buy 1 lottery ticket for $8. There are 1,000 tickets, where the prize for the one winning ticket is to be $665. What is your
expected value? The table below summarizes the distribution. Round your answer to the nearest hundredth.
Amount Won or Lost, x
Probability, P(x)
$665
0.001
-$8
0.999
Transcribed Image Text:Suppose you buy 1 lottery ticket for $8. There are 1,000 tickets, where the prize for the one winning ticket is to be $665. What is your expected value? The table below summarizes the distribution. Round your answer to the nearest hundredth. Amount Won or Lost, x Probability, P(x) $665 0.001 -$8 0.999
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