This Queston: 1 pt 2 of 10 This In a stale\'s Pick 3 lottery game, you pay $1.19

Question

This Queston: 1 pt 2 of 10 This In a stale's Pick 3 lottery game, you pay $1.19 to select a sequence of three digits (from O to 9), such as 833 i you select the same seqaence of three digits that are drawn, you win and collect 5253 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 youa net prott? S (Type an indeger or a decimal) d. Find the expected value (Round to the nearest hundret as needed .It you bet 51.19 n a certan stass Pck 4 game, the expected value s-50 94 Which et sbee a $1,19 ot in O A. Nether bet is better bacause both games have the same expecded value Pik 3 game or a 51 19 bet in the Pick 4 game? Expian O B. The Pick 4 game is a better bet because t has a larger epected C The Pick 3 game is a better bet because it nas & larger expected value Click to palect your anwers) O Type here to search

Explanation / Answer

a)total different selections =10*10*10 =1000

b)probability of wining =1/1000 =0.001

c)net profit =253.29-1.19=252.10

d)expected value =0.001*253.29-1.19= -0.94

e)option A: neither bet is better because both games have the same expected value

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