In a Lottery, You Pay $1 and Pick a Number

question 9

Multiple Choice

In a lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $350, which is a profit of $349. If you lose, you lose $1. Your probability of winning is 0.001.
What is the expected value of your profit?

• A) $0.349
• B) -$0.65
• C) $2.50
• D) $0.65

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Definitions:

Behavioural Differences

Variations in actions and reactions among individuals, often influenced by their environment, genetics, and experiences.

Doctoral Program

An advanced academic program leading to the award of a doctorate degree, such as a PhD, emphasizing original research and scholarship in a specific field.

Functional Impaired

Pertains to individuals who experience difficulty in performing everyday tasks due to physical, mental, or emotional disorders.

Physical Therapy

A branch of rehabilitative health that uses specially designed exercises and equipment to help patients regain or improve their physical abilities.