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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 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (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 - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game is a better bet because it has a larger expected value. O B. Neither bet is better because both games have the same expected value. C. The Pick 3 game is a better bet because it has a larger expected value.

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 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (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 - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game is a better bet because it has a larger expected value. O B. Neither bet is better because both games have the same expected value. C. The Pick 3 game is a better bet because it has a larger expected value.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
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Please answer only Part " E"

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 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (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 - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game 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. The Pick 3 game is a better bet because it has a larger expected value.
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 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (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 - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game 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. The Pick 3 game is a better bet because it has a larger expected value.
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