Find expected value of buying a scratch-off lottery ticket, Basic Statistics

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Find expected value of buying a scratch-off lottery ticket

Problem

Hugo is considering buying a scratch-off lottery ticket that costs 3 dollars. If the ticket wins, he can redeem the ticket for 50 dollars. If the ticket loses, the ticket is worthless. According to the lottery's website, 2% percent of all tickets are winners. Find the expected value of buying a scratch-off lottery ticket.

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Basic Statistics: Find expected value of buying a scratch-off lottery ticket

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Basic Statistics: Find expected value of buying a scratch-off lottery ticket

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