Kentucky Pick 4 In the Kentucky Pick 4 lottery, you can place a “straight” bet of $1 by selecting the exact order of four digits between 0 and 9 inclusive (with repetition allowed), so the probability of winning is 1/10,000. If the same four numbers are drawn in the same order, you collect $5000, so your net profit is $4999. a. Find the actual odds against winning. b. Find the payoff odds. c. The website www.kylottery.com indicates odds of 1:10,000 for this bet. Is that description accurate?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Kentucky Pick 4 In the Kentucky Pick 4 lottery, you can place a “straight” bet of $1 by selecting the exact order of four digits between 0 and 9 inclusive (with repetition allowed), so the probability of winning is 1/10,000. If the same four numbers are drawn in the same order, you collect $5000, so your net profit is $4999.
a. Find the actual odds against winning.
b. Find the payoff odds.
c. The website www.kylottery.com indicates odds of 1:10,000 for this bet. Is that description accurate?
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