You have a ticket which will let you participate in a lottery, The ticket has a 15% chance of a $40 pay off and a 85% chance of a pay off of nothing. Your friend has a ticket to a different lottery that has a 20% chance of paying $25 and an 80% chance of paying nothing. Your friend has offered to let you have his ticket if you will give him your ticket plus one dollar. Should you agree to trade?

Answer rating: 100% (QA)

No you should not agree to the trad... View the full answer