Louisiana is busy designing new lottery scratch-off games. In the latest game, B

Question

Louisiana is busy designing new lottery scratch-off games. In the latest game, Bayou Boondoggle, the player is instructed to scratch off on spot: A, B, or C. A can reveal "Loser, or "Win $1" or "Win $50" B can reveal "Loser"or "Take a Second Chance. C can reveal "Loser" or "Win $500" On the second chance, the player is instructed to scratch off D or E. D can reveal "Loser" or "Win $1" E can reveal "Loser" or "Win $10" The probabilities at A are .9, .09, and .01. The probabilities at B are .8 and .2. The probabilities at C are .999 and .001. The probabilities at D are .5 and .5. Finally, the probabilities at E are .95 and .05. Calculate the expected value of A, B, and C and calculate the expected value of this game.

Explanation / Answer

Louisiana is busy designing new lottery scratch-off games. In the latest game, B

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