a. How many different selections are possible? 1,000 b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 271.98 (Type an integer or a decimal.) d. Find the expected value. $ - 0.59 (Round to the nearest hundredth as needed.) e. If you bet $0.86 in a certain state's Pick 4 game, the expected value is - $0.59. Which bet is better, a $0.86 bet in the Pick 3 game or a $0.86 bet in the Pick 4 game? Explain. O A. The Pick 3 game is a better bet because it has a larger expected value. B. The Pick 4 game is a better bet because it has a larger expected value. C. Neither bet is better because both games have the same expected value.
a. How many different selections are possible? 1,000 b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 271.98 (Type an integer or a decimal.) d. Find the expected value. $ - 0.59 (Round to the nearest hundredth as needed.) e. If you bet $0.86 in a certain state's Pick 4 game, the expected value is - $0.59. Which bet is better, a $0.86 bet in the Pick 3 game or a $0.86 bet in the Pick 4 game? Explain. O A. The Pick 3 game is a better bet because it has a larger expected value. B. The Pick 4 game is a better bet because it has a larger expected value. C. Neither bet is better because both games have the same expected value.
Chapter9: Sequences, Probability And Counting Theory
Section9.5: Counting Principles
Problem 40SE: A family consisting of 2 parents and 3 children is to pose for a picture with 2 family members in...
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Transcribed Image Text:a. How many different selections are possible?
1,000
b. What is the probability of winning?
0.001 (Type an integer or a decimal.)
c. If you win, what is your net profit?
$ 271.98 (Type an integer or a decimal.)
d. Find the expected value.
$ - 0.59 (Round to the nearest hundredth as needed.)
e. If you bet $0.86 in a certain state's Pick 4 game, the expected value is - $0.59. Which bet is better, a $0.86 bet in the Pick 3 game or a $0.86 bet in the Pick 4 game? Explain.
A. The Pick 3 game is a better bet because it has a larger expected value.
CB. The Pick 4 game is a better bet because it has a larger expected value.
C. Neither bet is better because both games have the same expected value.
Transcribed Image Text:In a state's Pick 3 lottery game, you pay $1.48 to select a sequence of three digits (from 0 to 9), such as 577. If you select the same sequence of three digits that are drawn, you win and collect $431.09. Complete parts (a) through (e).
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