New Jersey Pick 4. In New Jerseys Pick 4 lottery game, you pay 50 to select a
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New Jersey Pick 4.
In New Jersey’s Pick 4 lottery game, you pay 50¢ to select a sequence of four digits, such as 2273, from the 10,000 different possible four-digit sequences. If you select the same sequence of four digits that are drawn, you win and collect $2788. What is your expected value? In the long run, how much do you lose for each 50¢ bet?
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