The Multi-State Big Game lottery advertises the following prizes and probabilities of winning for a single $l ticket. The jackpot is variable, but assume it has an average value of $3 million. Note that the same prize can be given to two outcomes with different probabilities. What is the expected value of a single lottery ticket to you? If you spend $365 per year on the lottery, how much can you expect to win or lose?

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Prize Probability Jackpot $150,000 $5,000 $150 $100 $5 $5 $2 $1 1 in 76,275,360 1 in 2,179,296 1 in 339,002 1 in 9,686 1in 7,705 1 in 220 1 in 538 1 in 102 1 in 62