Expected Value in Maines Pick 4 Game In Maines Pick 4 lottery game, you can pay $1
Question:
Expected Value in Maine’s Pick 4 Game In Maine’s Pick 4 lottery game, you can pay
$1 to select a sequence of four digits, such as 1332. If you select the same sequence of four digits that are drawn, you win and collect $5000.
a. How many different selections are possible?
b. What is the probability of winning?
c. If you win, what is your net profit?
d. Find the expected value.
e. If you bet $1 in Maine’s Pick 3 game, the expected value is -50¢. Which bet is better: A $1 bet in the Maine Pick 3 game or a $1 bet in the Maine Pick 4 game? Explain.
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