You can buy a lottery ticket for $500.The odds are as follows:1 in 10 tickets will pay $750.1 in 100 tickets will pay $1000.1 in 1000 tickets will pay $200,000.1 in 10,000 tickets will pay $1,000,000.1 in 100,000 tickets will pay $10,000,000.a. What is the expected value of the ticket to you?b. Should you buy the ticket? Explain your decision.
