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Asked Mar 19, 2020
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how much would you be willing to pay for a lottery ticket with a 1 in a 10 millions chance of winning 7 million dollars, and a 7 in 10 million chance of winning 200 thousands dollars? which formula did you use?

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Hey there! Thank you for the question. Since no particular rule is mentioned, we have assumed that in this case, when one invests in a lottery ticket, it is with the intention...

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