You can buy a lottery ticket for $500. The odds are as follows: ...

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.