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Author Question: Expectations and UncertaintyYou are considering playing a lottery at work. Once you pay $6 to enter ... (Read 397 times)

connormoss

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Expectations and Uncertainty

You are considering playing a lottery at work. Once you pay $6 to enter the lottery, your name will go in a hat with the names of others who have also paid to enter the lottery. Each person can only enter their name once and a person will be chosen at random to win the total of the entry fees. If 32 other people at work have already paid to enter, what is the expected value of your payout should you choose to enter?
Please round your final answer to the nearest cent.
◦ $5.82
◦ $0.00
◦ $6.00
◦ $6.19


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Marked as best answer by connormoss on Nov 23, 2022

athenaheim

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connormoss

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Reply 2 on: Nov 23, 2022
Great answer, keep it coming :)


covalentbond

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Reply 3 on: Yesterday
Wow, this really help

 

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