1. Calculate the expected value of each of the following gambles. a win $500 with probability 0.25; win $100 with probability 0.45; lose $200 with probability 0.3. b. win $1,000,000 with probability .0001; lose $20 with probability 9999 (a lottery ticket!). c. win $6,000 with probability .5; lose $2,000 with probability 5 d. win $3,000 with probability 2/3; lose $6,000 with probability 1/3.

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