In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect...


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In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect $313.82. Complete parts (a) through (e).<br>a. How many different selections are possible?<br>b. What is the probability of winning?<br>(Type an integer or a decimal.)<br>c. If you win, what is your net profit?<br>$<br>(Type an integer or a decimal.)<br>d. Find the expected value.<br>(Round to the nearest hundredth as needed.)<br>e. If you bet $1.16 in a certain state's Pick 4 game, the expected value is - $0.85. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain.<br>O A. The Pick 4 game is a better bet because it has a larger expected value.<br>B. The Pick 3 game is a better bet because it has a larger expected value.<br>C. Neither bet is better because both games have the same expected value.<br>

Extracted text: In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect $313.82. Complete parts (a) through (e). a. How many different selections are possible? b. What is the probability of winning? (Type an integer or a decimal.) 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 $1.16 in a certain state's Pick 4 game, the expected value is - $0.85. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. O A. The Pick 4 game is a better bet because it has a larger expected value. B. The Pick 3 game is a better bet because it has a larger expected value. C. Neither bet is better because both games have the same expected value.

Jun 03, 2022
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