In a state's Pick 3 lottery game, you pay $1.38 to select a sequence of three digits (from 0 to 9), such as 300. If you select the same sequence of three digits that are drawn, you win and collect $439.97. Complete parts (a) through (e).

In a state's Pick 3 lottery game, you pay $1.38 to select a sequence of three digits (from 0 to 9), such as 300. If you select the same sequence of three digits that are drawn, you win and collect $439.97. Complete parts (a) through (e).

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

In a state's Pick 3 lottery game, you pay

$1.38

to select a sequence of three digits (from 0 to 9), such as

300.

If you select the same sequence of three digits that are drawn, you win and collect

$439.97.

Complete parts (a) through (e).

Question content area bottom

Part 1

a. How many different selections are possible?

enter your response here

Part 2

b. What is the probability of winning?

enter your response here

(Type an integer or a decimal.)

Part 3

c. If you win, what is your net profit?

$enter your response here

(Type an integer or a decimal.)

Part 4

d. Find the expected value.

$enter your response here

(Round to the nearest hundredth as needed.)

Part 5

e. If you bet

$1.38

in a certain state's Pick 4 game, the expected value is

−$0.94.

Which bet is better, a

$1.38

bet in the Pick 3 game or a

$1.38

bet in the Pick 4 game? Explain.

Neither bet is better because both games have the same expected value.

The Pick 3 game is a better bet because it has a larger expected value.

The Pick 4 game is a better bet because it has a larger expected value.

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