Amelia sees a free lottery to win $1,000 with a probability of 10 percent. If her utility function is $$U = \sqrt { X }$$ where X represents the winnings, what is the expected value of the lottery and the expected utility for Amelia?

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The Answer of Amelia sees a free lottery to win $1,000 with a probability of 10 percent. If her utility function is $$U = \sqrt { X }$$ where X represents the winnings, what is the expected value of the lottery and the expected utility for Amelia?

Amelia Sees a Free Lottery to Win $1,000 with a Probability