Question

In a state's Pick 3 lottery game, you pay $0.81 to select a sequence of three digits (from 0 to 9), such as 722. If you select the same sequence of three digits that are drawn, you win and collect $269.96. 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 $0.81 in a certain state's Pick 4 game, the expected value is - $0.54. Which bet is better, a $0.81 bet in the Pick 3 game or a $0.81 bet in the Pick 4 game? Explain. Click to select your answer(s).

          In a state's Pick 3 lottery game, you pay $0.81 to select a sequence of three digits (from 0 to 9), such as 722. If you select the same sequence of three digits that are drawn, you win and collect $269.96. 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 $0.81 in a certain state's Pick 4 game, the expected value is - $0.54. Which bet is better, a $0.81 bet in the Pick 3 game or a $0.81 bet in the Pick 4 game? Explain.
Click to select your answer(s).

In a state's Pick 3 lottery game, you pay 0.81 to select a sequence of three digits (from 0 to 9), such as 722. If you select the same sequence of three digits that are drawn, you win and collect269.96. 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 0.81 in a certain state's Pick 4 game, the expected value is -0.54. Which bet is better, a 0.81 bet in the Pick 3 game or a0.81 bet in the Pick 4 game? Explain.
Click to select your answer(s).

Added by David S.

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