> Expected Value of buying a lottery ticket?

Expected Value of buying a lottery ticket?

Posted at: 2014-12-05 
Expected return:

(probability of winning * amount if win) + (probability of losing * amount if lose)...

[convert 0.01% to decimal form by dividing it by 100 ...0.01/100 = 0.0001]

(0.0001 * 5000) + [(1 - 0.0001) * 0]...reduces to:

0.0001 * 5000 = 0.5