In a state's pick 3 lottery game, you pay $1.35 to select a sequence of three digits (from 0 to 9), such as 311. if you select the same sequence of three digits that are drawn, you win and collect $472.87. complete part (a) through (e).
a. how many different selections are possible?
b. what is the probability of winning?
c. if you win, what is your net profit? $
d. find the expected value.
e. if you bet $1.35 in a certain state's pick 4 game, the expected value is - $0.88. which bet is better, a $1.35 bet in the pick 3 game or a $1.35 bet in the pick 4 game? explain.
e. if you bet $1.35 in a certain state's pick 4 game, the expected value is - $0.88. which bet is better, a $1.35 bet in the pick 3 game or a $1.35 bet in the pick 4 game? explain.
a. neither bet is better because both games have the same expected value.
b. the pick 4 game is a better bet because it has a larger expected value.
c. the pick 3 game is a better bet because it has a larger expected value.