In a state's Pick 3 lottery, you pay $1.48 to select a sequence of three digits (from 0 to 9), such as 255.   If you select the same sequences of 3 digits that are drawn, you win and collect $498.78 A.  How many different selections are possible?   B.   What is the probability of winning?   Report to 3 decimal places.   C.   If you win, what is your net profit?   D.   Find the expected value.   Report to 2 decimal places.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
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In a state's Pick 3 lottery, you pay $1.48 to select a sequence of three digits (from 0 to 9), such as 255.   If you select the same sequences of 3 digits that are drawn, you win and collect $498.78

A.  How many different selections are possible?

 

B.   What is the probability of winning?   Report to 3 decimal places.

 

C.   If you win, what is your net profit?

 

D.   Find the expected value.   Report to 2 decimal places.

 

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