In a state's lottery, you can bet $1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $600. Complete parts (a) through (e). a. How many different selections are possible? 1000 b. What is the probability of winning? 1 1000 (Simplify your answer.) c. If you win, what is your net profit? $ 599 (Type an integer or a decimal. Do not round.) d. Find the expected value for a $1 bet. $ (Type an integer or a decimal. Do not round.)
In a state's lottery, you can bet $1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $600. Complete parts (a) through (e). a. How many different selections are possible? 1000 b. What is the probability of winning? 1 1000 (Simplify your answer.) c. If you win, what is your net profit? $ 599 (Type an integer or a decimal. Do not round.) d. Find the expected value for a $1 bet. $ (Type an integer or a decimal. Do not round.)
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter6: Ratio, Proportion, And Probability
Section6.8: The Multiplication Principle
Problem 18E
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Follow-up Question
If you bet $1 on a certain casino game, the
OA. The state's lottery is a better bet because it has a larger expected value.
B. Neither bet is better because both games have the same expected value.
C. It is impossible to compare the values because they have different units.
D. The casino game is a better bet because it has a larger expected value.
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