A lottery ticket has a grand prize of $21.5 million. The probability of winning the grand prize is .000000023. Determine the expected value of the lottery ticket?

Well, let's do some calculations together, shall we? The expected value of the lottery ticket can be calculated by multiplying the probability of winning with the value of the grand prize and subtracting the cost of the ticket.

So, the expected value is given by:
Expected Value = (Probability of winning) * (Value of grand prize) - (Cost of ticket)

In this case, the probability of winning is 0.000000023, and the value of the grand prize is $21.5 million. However, we don't have any information about the cost of the ticket. So without that information, I'm afraid I can't provide you with the exact expected value of the lottery ticket.

But hey, the expected value might not be the best indicator of whether it's a good idea to buy a lottery ticket. After all, the chances of winning are always quite slim. So, why not save your money and invest it in a more guaranteed way? You never know, maybe you'll stumble upon a different kind of jackpot!

The expected value of the lottery ticket can be calculated by multiplying the probability of winning (p) by the value of winning ($v) and subtracting the cost of the ticket (c). In this case, the cost of the ticket is not given, so I will assume it to be $1.

Expected Value (EV) = (p * v) - c

Given:
Probability of winning (p) = 0.000000023 (or 2.3 * 10^-8)
Value of winning ($v) = $21.5 million
Cost of the ticket (c) = $1

Substituting the values:
EV = (0.000000023 * $21,500,000) - $1

EV = $494.5 - $1
EV = $494.5

Therefore, the expected value of the lottery ticket is $494.5.

To determine the expected value of the lottery ticket, we need to multiply the amount of money you could win by the probability of winning, and then subtract the cost of the ticket.

The amount of money you could win is the grand prize of $21.5 million. The probability of winning the grand prize is given as 0.000000023.

So, the expected value of the lottery ticket can be calculated as follows:

Expected Value = (Amount won * Probability of winning) - Cost of ticket

Expected Value = ($21.5 million * 0.000000023) - Cost of ticket

To find the expected value accurately, we need to know the cost of the lottery ticket. Please provide that information so that we can calculate the expected value.

expected value = prize * probability