In a state's Pick 3 lottery game, you pay $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequenceof three digits that are drawn, you win and collect $369.37. Complete parts (a) through (e).a. How many different selections are possible?10b. What is the probability of winning?1(Type an integer or a decimal.)1000c. If you win, what is your net profit?$ 370.79 (Type an integer or a decimal.)d. Find the expected value.2$(Round to the nearest hundredth as needed.)e. If you bet $1.42 in a certain state's Pick 4 game, the expected value is - $1.05. Which bet is better, a $1.42 bet in the Pick 3 game or a$1.42 bet in the Pick 4 game? Explain.O A. Neither bet is better because both games have the same expected value.B. The Pick 4 game is a better bet because it has a larger expected value.C. The Pick 3 game is a better bet because it has a larger expected value.

Answered: Image /qna-images/answer/2242b023-152d-4697-8d0c-5e1eeac1d68a.jpg

In a state's Pick 3 lottery game, you pay $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequence of three digits that are drawn, you win and collect $369.37. Complete parts (a) through (e). a. How many different selections are possible? 10 b. What is the probability of winning? 1 (Type an integer or a decimal.) 1000 c. If you win, what is your net profit? $ 370.79 (Type an integer or a decimal.) d. Find the expected value. $ (Round to the nearest hundredth as needed.) e. If you bet $1.42 in a certain state's Pick 4 game, the expected value is - $1.05. Which bet is better, a $1.42 bet in the Pick 3 game or a $1.42 bet in the Pick 4 game? Explain. O A. Neither bet is better because both games have the same expected value. B. The Pick 4 game is a better bet because it has a larger expected value. O 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 $1.42 to select a sequence of three digits (from 0 to 9), such as 544. If you select the same sequence of three digits that are drawn, you win and collect $369.37. Complete parts (a) through (e). a. How many different selections are possible? 10 b. What is the probability of winning? 1 (Type an integer or a decimal.) 1000 c. If you win, what is your net profit? $ 370.79 (Type an integer or a decimal.) d. Find the expected value. $ (Round to the nearest hundredth as needed.) e. If you bet $1.42 in a certain state's Pick 4 game, the expected value is - $1.05. Which bet is better, a $1.42 bet in the Pick 3 game or a $1.42 bet in the Pick 4 game? Explain. O A. Neither bet is better because both games have the same expected value. B. The Pick 4 game is a better bet because it has a larger expected value. O C. The Pick 3 game is a better bet because it has a larger expected value.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.CR: Chapter Review

Problem 5CC: a What is meant by an experiment? Sample space? b What is an event? c Define the probability of an...

See similar textbooks