Calculate the expected value for lottery game

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Reference no: EM1369286

1. In the "3 Spot" version of the former California Keno lottery game, the player picked three numbers from 1 to 40. Ten possible winning numbers were then randomly selected. It cost $1 to play. The table shows the possible outcomes.

Number of Matches Amount Won Probability
3 $20 0.012
2 $2 0.137
0 or 1 $0 0.851

Compute the expected value for this game. Interpret what it means. Don't forget that you initially lose $1 by buying a ticket.

Reference no: EM1369286

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