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Mathematics, 18.08.2020 16:01 rutza
In a state's Pick 3 lottery game, you pay $1.15 to select a sequence of three digits (from 0 to 9), such as 966. If you select the same sequence of three digits that are drawn, you win and collect $258.35. Complete parts (a) through (e).
a. How many different selections are possible?
b. What is the probability of winning? (Type an integer or adecimal.)
c. If you win, what is your net profit? (Type an integer or a decimal.)
d. Find the expected value. $ (Round to the nearest hundredth as needed.)
e. If you bet $ 1.15 in a certain state's Pick 4 game, the expected value is negative β$0.89. Which bet is better, a $1.15 bet in the Pick 3 game or a $ 1.15$ bet in the Pick 4 game?
Explain.
A. Neither bet is better because both games have the same expected value.
B. The Pick 4 game is a better bet because it has a larger expected value.
C. The Pick 3 game is a better bet because it has a larger expected value.
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In a state's Pick 3 lottery game, you pay $1.15 to select a sequence of three digits (from 0 to 9),...
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