Concept explainers
Expected Value in Virginia’s Pick 3 Game In Virginia’s Pick 3 lottery game, you can pay $1 to select a three-digit number from 000 through 999. If you select the same sequence of three digits that are drawn, you win and collect $500.
a. How many different selections are possible?
b. What is the
c. If you win, what is your net profit?
d. Find the expected value.
e. If you bet $1 in Virginia’s Pick 4 game, the expected value is −50ȼ. Which bet is better in the sense of a producing a higher expected value: A $1 bet in the Virginia Pick 3 game or a $1 bet in the Virginia Pick 4 game?
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Essentials of Statistics (6th Edition)
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Statistics for Business and Economics (13th Edition)
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