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What is the expected profit from a lottery where if you win you get 2000 and if you lose you pay 200 and the probability of winning is 0.4?
Wiki User
∙ 11y ago
Probability of winning is 0.4 so the probabilty of lossing is 0.6
The expected profit is then: 2000 x 0.4 - 200 x 0.6 = 680
Wiki User
∙ 11y ago
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