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 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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