Question Help If you bet $2 in a Pick 4 lottery game, you either lose $2 or gain

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Question Help If you bet $2 in a Pick 4 lottery game, you either lose $2 or gain $4,998. (The winning prize is 5,000, 8.) The game is played by selecting a tour-digit number between 0000 and 9999. What is the probabity expected value of your gain or loss? but your $2 bet is not roturned; so the net gain is of winning? If you bet $2 on 1234, what is the What is the probability of winning? (Type an integer or a simplified fraction.) If you bet $2 on 1234, what is the expected value? dollars Enter your answer in each of the answer boxes

Explanation / Answer

probability of winning =1/10000 (As one is winning digit out of 10000 )

expected value =(1/10000)*5000-2 =-1.5

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