4. Many states have daily lotteries, which are played as follows: Sometime during the day, you buy...

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4. Many states have daily lotteries, which are played as follows: Sometime during the day, you buy a lottery ticket, on which the seller inscribes a number you choose, between 000 and 999. That night there is a drawing on television in which a three-digit number is drawn. If the number on your ticket matches the number drawn, you win and collect $500 (for a $1 wager). If you lose, you get nothing.

a. Write an Excel function that produces a random number between 000 and 999. Hint:Use Rand() and Int().)

b. Write a VBA program that reproduces 250 random draws of the daily lottery (about one year's worth, if there are no drawings on weekends). Assuming that each ticket costs $1, and assuming that you choose the same number each day, how much would you have won during the year?

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Financial Modeling

ISBN: 9780262024822

2nd Edition

Authors: Simon Benninga

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