In a state\'s Pick 3 lottery game, you pay $1.27 to select a sequence of three d
ID: 3369016 • Letter: I
Question
In a state's Pick 3 lottery game, you pay $1.27 to select a sequence of three digits (from O to 9), such as 455. If you select the same sequence of three digits that are drawn, you win and collect $312.31. 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? s(Type an integer or a decimal) d. Find the expected value s (Round to the nearest hundreath as needed) in the Pick 4 game? Explain 06/2 a $1.27 bet 115 e. If you bet $1 27 in a certain state's Pick 4 game, the expected value is -so 6 which betis better, a $1,27 bet in the Pick 3 game or of 1 1A. Neither bet is better because both games have the same ex OB. The Pick 3 game is a better bet because it has a larger expected value OC. The Pick 4 game is a better bet because it has a larger expected valueExplanation / Answer
a) number of selections n=10*10*10=1000
b) probability of winning =1/1000=0.001
c)net profit =312.31-1.27=311.04
d)expected value =312.31*0.001-1.27=-0.96
e)
option A