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In a state's Pick 3 lottery game, you pay $3 to select a sequence of three digits, each between 0 and 9 inclusive. If the
In a state's Pick 3 lottery game, you pay $3 to select a sequence of three digits, each between 0 and 9 inclusive. If the same three digits are drawn in the same order, you win and collect $700. Complete parts (a) through (e). a. How many different selections are possible? b. What is the probability of winning? (Type an integer or a decimal.) c. If you win, what is your net profit? (Type an integer or a decimal.) d. Find the expected value for a $3 bet (Round to the nearest hundredth as needed.) e. If you bet $3 in a certain casino game, the expected value is - 1.6 cents. Which bet is better in the sense of producing a higher expected value: a $3 bet on the states lottery or a $3 bet in the casino game? Explain e. If you bet $1.34 in a certain state's Pick 4 game, the expected value is - $0.88. Which bet is better, a $1.34 bet in the Pick 3 game or a $1.34 bet in the Pick 4 game? Explain. A. Neither bet is better because both games have the same expected value. B. It is impossible to compare the values because they have different units. C. The States lottery is a better bet because it has a larger expected value. D. The casino game is a better bet because it has a larger expected value
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