In a state's Pick 3 lottery game, you pay $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequence of three digits that are drawn, you win and collect...


In a state's Pick 3 lottery game, you pay $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequence<br>of three digits that are drawn, you win and collect $369.37. Complete parts (a) through (e).<br>a. How many different selections are possible?<br>10<br>b. What is the probability of winning?<br>1<br>(Type an integer or a decimal.)<br>1000<br>c. If you win, what is your net profit?<br>$ 370.79 (Type an integer or a decimal.)<br>d. Find the expected value.<br>2$<br>(Round to the nearest hundredth as needed.)<br>e. If you bet $1.42 in a certain state's Pick 4 game, the expected value is - $1.05. Which bet is better, a $1.42 bet in the Pick 3 game or a<br>$1.42 bet in the Pick 4 game? Explain.<br>O A. Neither bet is better because both games have the same expected value.<br>B. The Pick 4 game is a better bet because it has a larger expected value.<br>C. The Pick 3 game is a better bet because it has a larger expected value.<br>

Extracted text: In a state's Pick 3 lottery game, you pay $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequence of three digits that are drawn, you win and collect $369.37. Complete parts (a) through (e). a. How many different selections are possible? 10 b. What is the probability of winning? 1 (Type an integer or a decimal.) 1000 c. If you win, what is your net profit? $ 370.79 (Type an integer or a decimal.) d. Find the expected value. 2$ (Round to the nearest hundredth as needed.) e. If you bet $1.42 in a certain state's Pick 4 game, the expected value is - $1.05. Which bet is better, a $1.42 bet in the Pick 3 game or a $1.42 bet in the Pick 4 game? Explain. O 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.

Jun 09, 2022
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