Calculate your expected winnings

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Reference no: EM133357790

Question: When you buy a lottery ticket, there are two possible outcomes: either you win a big amount, or you don't win anything and lose the price of the ticket.

Lottery outcomes	Winning of $274069	Losing $3
Probabilities of outcomes	0.0001	0.9999

Calculate your expected winnings.

Reference no: EM133357790

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