In old gangster movies on TV, you often hear of number runners or the numbers racket. This

Question:

In old gangster movies on TV, you often hear of "number runners" or the "numbers racket." This numbers game, which is still played today, involves betting \(\$ 1\) on the last three digits of the number of stocks sold on a particular day in the future as reported in The Wall Street Journal. If the payoff is \(\$ 500\), what is the expectation for this numbers game?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: