Stats 119

In a state's Pick 3 lottery game, you pay $1.19 to select a sequence of three digits (from 0 to 9), such as 111. If you select the same sequence of three digits that are drawn, you win and collect $454.29. 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. (Round to the nearest hundredth as needed.) e. If you bet $1.19 in a certain state's Pick 4 game, the expected value is - $0.74. Which bet is better, a $1.19 bet in the Pick 3 game or a $1.19 bet in the Pick 4 game? Explain. O A. The Pick 4 game is a better bet because it has a larger expected value. O B. The Pick 3 game is a better bet because it has a larger expected value. O C. Neither bet is better because both games have the same expected value