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?

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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?

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