A ticket in a typical lottery like Lotto 6/49 is usually $2.  The probability of winning Lotto 6/49 is 1 in 13,983,816.  The payoffs (jackpots) are usually in excess of $1 million.  Suppose that you buy one ticket for $2 and the jackpot is $1 million.  What is your expected value of gain or loss? Explain your expected value.  Note: for this question, create the mass function, then calculate the expected value.n
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Required solution The outcomes are x 2 999998 with resp... View the full answer