In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect $313.82. 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? $ (Type an integer or a decimal.)
In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect $313.82. 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? $ (Type an integer or a decimal.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 6ECP: In Pennsylvania’s Cash 5 game, a player chooses five different numbers from 1 to 43. If these five...
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Transcribed Image Text:In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 744. If you select the same sequence of three digits that are drawn, you win and collect $313.82. 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?
$
(Type an integer or a decimal.)
d. Find the expected value.
(Round to the nearest hundredth as needed.)
e. If you bet $1.16 in a certain state's Pick 4 game, the expected value is - $0.85. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain.
O A. The Pick 4 game is a better bet because it has a larger expected value.
B. The Pick 3 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.
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