Suppose I say the following statement: “You have a 50% chance of winning the lottery: Either you win or you don’t.” Is this a true statement? Why or why not?
Suppose that we all enter a raffle where tickets cost $5. One person wins $15 and the other 9 people (for 10 total) win nothing. What is the expected amount that you will win (after factoring in how much money you spent to play the game)? Should you play this game?
Sample Solution
