In a states Pick 3 lottery game you pay $1.35 to select a sequence of three digi

Question

In a states Pick 3 lottery game you pay $1.35 to select a sequence of three digits (from 0 to 9) such as 466. If you select the same sequence of three digits that are drawn you win and collect $283.03?

A. How many diffrent selections are possible?

B. What is the probability of winning?
(Type an integer or decimal)

C. If you win what is your net profit?
(type an integer or decimal)

D. Find the expected value?

D. Find the expected value?

Save Homework: Assignment 7 Score: 64%, 12.8 of 20 pts Score: 0.8 of 4 pts Cuesion Help 5.1.27 in a sanes Pyx 3 wnery game, you pay $1.35 to select a seqwence of three dajts (rom 0% 9i, such as 456 If you seect the ssme sequence at three digjts nat are arawn, you win and colleci Cempiete pas (a) through (e) a. How many d ferent selectons are possible? Enter your answer in the answer box and then click Check Answer pads

Explanation / Answer

Number can vary from 0 to 9 i.e. 10 total possible digits

(a) Selections : 10*10*10 = 103 = 1000 possible selections

(b) Probability of winning : 1/total possible outcone = 1/1000 = 0.001

(c) The net profit to win = 283.03- 1.35 = 281.68 i.e . inflow- outflow

(d) Expected vaue = 283.03*(0.001) -1.35(0.999) = -1.0656

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