# What is the expected value of a lottery ticket which pays $10 million if the ticket contains the six winning numbers chosen from the set {1,2,3,...,50}? ##### 1 Answer Oct 24, 2015 Expected Value = (Winning Amount) x (Probability of Winning) #### Explanation: Winning Amount =$10,000,000

Assuming only one winning ticket and the "order" of the numbers on the ticket does not matter :

P(Win) ==1/((50!)/(6!44!))=1/(15,890,700)

E(Win) = 10,000,000 x 1/(15,890,700)= \$0.63

Hope that helped