South Carolina Pick 3 In South Carolina’s Pick 3 lottery game, you can pay $1 to select a sequence of three digits, such as 227. If you buy only one ticket and win, your prize is $500 and your net gain is $499. a. If you buy one ticket, what is the probability of winning? b. If you play this game once every day, find the mean number of wins in years with exactly 365 days. c. If you play this game once every day, find the probability of winning exactly once in 365 days. d. Find the expected value for the purchase of one ticket.

Question

South Carolina Pick 3 In South Carolina’s Pick 3 lottery game, you can pay $1 to select a sequence of three digits, such as 227. If you buy only one ticket and win, your prize is $500 and your net gain is $499.

a. If you buy one ticket, what is the probability of winning?

b. If you play this game once every day, find the mean number of wins in years with exactly 365 days.

c. If you play this game once every day, find the probability of winning exactly once in 365 days.

d. Find the expected value for the purchase of one ticket.

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