Re: My answers
Here are Homer's answers using this definition of odds...
[WARNING: CUT and PASTE ERRORS MAY BE PLENTIFUL]
1) .6742 = 1*(1/10) + 2*(1/10) + 10*(1/55) + 25*(1/400) + 50*(1/400) + 100*(1/89143) + x*(1/520000)
.6742 = .67044 + x/520000
x = (.6742 - .67044) * 520000
x = $1955.20
2) (chance of return > 0) = (chance of return >= 0) – (chance of return = 0)
1/4.5 - 1/10 = 20/90 - 9/90 = 11/90 or 12.22%
3) E.V. = (chance of zero payout) * (expected return on zero payout ticket) + (chance of non-zero payout) * (expected return on non-zero payout ticket)
(79/90)*0 + (11/90)*x = .6742
x = $5.52
-- PP
"I am so smart. S-M-R-T..."
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