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In a state's lottery, you can bet $3by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in
In a state's lottery, you can bet
$3by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $500.
Complete parts (a) through (e)
a. How many different selections are possible? b. What is the probability of winning? (Simplify your answer.) c. If you win, what is your net profit? (Type an integer or a decimal. Do not round.) d. Find the expected value for a $3 bet. (Type an integer or a decimal. Do not round.)e. If you bet $3 on a certain casino game, the expected value is - 1.4. Which bet is better in the sense of producing a higher expected value: a $3 bet on the state's lottery or a $3 bet on the casino game? Explain. O A. Neither bet is better because both games have the same expected value. O B. The casino game is a better bet because it has a larger expected value O C. The state's lottery is a better bet because it has a larger expected valueStep by Step Solution
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