Question: Use the formula for calculating expected financial value, which means you need to show your work, in order to solve the following problem: The state

 Use the formula for calculating expected financial value, which means you

Use the formula for calculating expected financial value, which means you need to show your work, in order to solve the following problem: The state in which you live operates a lottery. The proceeds of the lottery are used to supplement the state's unemployment insurance fund. You can play the lottery for $1 per chance. To play, you choose a three-digit number from 000 to 999, inclusive, and receive an official ticket with that number printed on it. Each evening, a ball is drawn blindly from a container that holds 1,000 balls, each marked with a different three-digit number. If the number on your ticket is selected in the daily drawing on the date you play, you receive $500 for your ticket. Otherwise, you receive nothing. . What is the expected financial value (in dollars) of a single play

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