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.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 5ECP: In Example 5, what is the probability that an institution selected at random is in the Pacific...
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Transcribed Image Text: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.)
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Follow-up Question
If you bet $1 on a certain casino game, the expected value is - 3.5¢. Which bet is better in the sense of producing a higher expected value: a $1 bet on the state's lottery or a $1 bet on the casino game? Explain.
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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