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Q1: Consider a simplified lottery, in which there are 106 possible numbers. Each ticket costs $1, and if you win, you win S10M (ten million). If you buy one ticket, what are your expected winnings? What is the typical (most likely) outcome of buying a ticket in this lottery?

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Outcome Probability(X)* PX) Amount Gained (Xi) $9999999 win 1000000 1000000 lose - $1 1000000 1000000 Expected wining E(X) Σ

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