Iha state's Pick 3 kbttery game, you pay $1.28 to select a sequence of three digits (from 0 to 9), such as 444. If you select the same sequence of three digits that are drawn, you win and collect $288.02. 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 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 $1.28 in a certain state's Pick 4 game, the expected value is -$0.98. Which bet is better, a $1.28 bet in the Pick 3 game or a $1.28 bet in the Pick 4 game? Explain. OA. The Pick 4 game is a better bet because it has a larger expected value. OB. Neither bet is better because both games have the same expected value. OC. The Pick 3 game is a better bet because it has a larger expected value.
Iha state's Pick 3 kbttery game, you pay $1.28 to select a sequence of three digits (from 0 to 9), such as 444. If you select the same sequence of three digits that are drawn, you win and collect $288.02. 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 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 $1.28 in a certain state's Pick 4 game, the expected value is -$0.98. Which bet is better, a $1.28 bet in the Pick 3 game or a $1.28 bet in the Pick 4 game? Explain. OA. The Pick 4 game is a better bet because it has a larger expected value. OB. Neither bet is better because both games have the same expected value. OC. The Pick 3 game is a better bet because it has a larger expected value.
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 61E: Roulette American roulette is a game in which a wheel turns on a spindle and is divided into 38...
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Transcribed Image Text:Iha state's Pick 3 kbttery game, you pay $1.28 to select a sequence of three digits (from 0 to 9), such as 444. If you select the same sequence of three digits that are drawn, you win and collect $288.02. 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 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 $1.28 in a certain state's Pick 4 game, the expected value is -$0.98. Which bet is better, a $1.28 bet in the Pick 3 game or a $1.28 bet in the Pick 4 game? Explain.
OA. The Pick 4 game is a better bet because it has a larger expected value.
OB. Neither bet is better because both games have the same expected value.
OC. The Pick 3 game is a better bet because it has a larger expected value.
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