Quiz: Quiz #5: Discrete Probalibility Distribution This Question: 1 pt Time Rema
ID: 3369760 • Letter: Q
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Quiz: Quiz #5: Discrete Probalibility Distribution This Question: 1 pt Time Remaining: 01:02:22 Submit Quiz 43 of 11 (0 complete) This Quiz: 11 pts possible In a state's Pick 3 lottery game, you pay $0 68 to seledt a sequence of three digits (from O to 9), such as 177, If you select the same sequence of three digits that are drawn, you win and collect $251.53. Complete parts (a) through (e). a. How many dffent selections are possble? b. What is the probability of winning? (Type an integer or a decimal.) c. If you win, what is your net profit? S (Type an integer or a decimal.) d. Find the expected value. $ (Round to the nearest hundredth as needed.) e. If you bet $0.68 in a certain state's Pick 4 game, the expected value is $O.43 Which bet is better, a $0.68 bet in the Pick 3 game or a $0.68 bet in the Pick 4 game? Explain. O A. O B. O C. The Pick 4 game is a better bet because it has a larger expected value Neither bet is better because both games have the same expected value The Pick 3 game is a better bet because it has a larger oxpected value. Click to select your answerls) 24Explanation / Answer
a) 3 numbers have to be selected, any can be selected in 10 ways. Thus total ways = 10x10x10 = 1000 ways
b) Probability of winning is 1/1000 = 0.001
c) If i win the net profit is 251.53 - 0.68 = $250.85
d) E(X) = 1/1000*251.53 - 0.68 = -$0.42847 ~ -$0.43
e) B) Both games are same as they both have the same expected valie
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