
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Transcribed Image Text:In a state's Pick 3 lottery game, you pay $1.29 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 $470.32. 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 $1.29 in a certain state's Pick 4 game, the expected value is - $0.82. Which bet is better, a $1.29 bet in the Pick 3 game or a $1.29 bet in the Pick 4 game? Explain.
O A. The Pick 3 game is a better bet because it has a larger expected value.
O B. The Pick 4 game is a better bet because it has a larger expected value.
OC. Neither bet is better because both games have the same expected value.
Click to select your answer(s).
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