n a​ state's Pick 3 lottery​ game, you pay ​$1.23 to select a sequence of three digits​ (from 0 to​ 9), such as 266. If you select the same sequence of three digits that are​ drawn, you win and collect ​$382.15 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 1.23 in a certain​ state's Pick 4​ game, the expected value is negative 0.85−. Which bet is​ better, a​$1.23bet in the Pick 3 game or a 1.23 bet in the Pick 4​ game? Explain.

tamkieuqf

tamkieuqf

Open question

2022-08-16

In a​ state's Pick 3 lottery​ game, you pay ​$1.23 to select a sequence of three digits​ (from 0 to​ 9), such as 266. If you select the same sequence of three digits that are​ drawn, you win and collect ​$382.15 Complete parts​ (a) through​ (e).
a. How many different selections are​ possible?
b. What is the probability of​ winning?
(Type an integer or a​ decimal.)
c. If you​ win, what is your net​ profit?
​(Type an integer or a​ decimal.)
d. Find the expected value.
​$(Round to the nearest hundredth as​ needed.)
e. If you bet $ 1.23 in a certain​ state's Pick 4​ game, the expected value is negative $ 0.85−. Which bet is​ better, a​$1.23bet in the Pick 3 game or a $ 1.23 bet in the Pick 4​ game? Explain.
A.
The Pick 3 game is a better bet because it has a larger expected value.
B.
Neither bet is better because both games have the same expected value.
C.
The Pick 4 game is a better bet because it has a larger expected value.

Answer & Explanation

Kody Larsen

Kody Larsen

Beginner2022-08-17Added 11 answers

A) AS THE NUMBER TO BE CHOOSEN FROM = 0 TO 9 AND THE TOTAL NUMBER WE HAVE CAN BE WITH REPEATITION.
THEREFORE THE TOTAL NUMBER CAN BE FORMED = 10 \cdot 10 \cdot 10 = 1000
B) PROBABILITY OF WINNING
WE CAN WIN ONLY WHEN WE CHOOSE THE CORRECT NUMBER
THEREFORE PROBABILITY = 1/1000 = 0.001
C) IF I WIN THE NET PROFIT =
382.15 - 1.23 = 380.92
D) EXPECTED VALUE = E ( X ) = X 1 P ( X 1 ) + X 2 P ( X 2 ) + . . . . + X N P ( X N )
382.15 1 1000 1.23 999 1000
= - 0.83

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