Question

Asked Nov 22, 2019

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Many states and Canadian provinces have government-sponsored lotteries. Here is a simple lottery from the Tri-State Pick 3 game that New Hampshire shares with Maine and Vermont. You choose a three-digit number; the state chooses a three-digit winning number at random and pays you $500 if your number is chosen. If your ticket costs $1, what is your expected value for this lottery?

Step 1

The possible three digit numbers varies from 000 to 999 making a total of 1000 numbers.

Consider *X* be the amount your ticket pays you. Therefore, the probability distribution of *X* is,

Step 2

The random variable *X* is 500 if the selected number is equal to the one that you ch...

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