QuestionWhat does an expected value of \$ 500 from buying five game tickets mean? a. 1 in 5 chance of winning b. 0.20 probability of winning \$ 500 c. Win \$ 500 from at least one ticket d. Average winnings from five tickets is \$ 500

Studdy Solution
The correct interpretation of the expected value in this context is that on average, your winnings from buying five game tickets is $500. This is option (d).
The solution is On average, your winnings from buying five game tickets is $500.