3.14 To play the Missouri lottery Pick 3, you choose three digits 0-9 in order. Later, the lottery selects three digits at random, and you win if your choices match the lottery values in some way. Here are some possible bets you can play: a. $1 Straight wins if you correctly guess all three digits, in order. It pays $600. b. $1 Front Pair wins if you correctly guess the first two digits. It pays $60. c. $1 Back Pair wins if you correctly guess the last two digits. It pays $60. d. $6 6-way combo wins if the three digits are different and you guess all three in any order. It pays $600. e. $3 3-way combo wins if two of the three digits are the same, and you guess all three in any order. It pays $600. f. $1 1-off lets you win if some of your digits are off by one (9 and 0 are considered to be one off from each other). If you get the number exactly correct, you win $300. If you have one digit off by one, you win $29. If you have two digits off by one, you win $4, and if all three of your digits are off by one you win $9. Consider the value of your bet to be your expected winnings per dollar bet. What value do each of these bets have?
3.14 To play the Missouri lottery Pick 3, you choose three digits 0-9 in order. Later, the lottery selects three digits at random, and you win if your choices match the lottery values in some way. Here are some possible bets you can play: a. $1 Straight wins if you correctly guess all three digits, in order. It pays $600. b. $1 Front Pair wins if you correctly guess the first two digits. It pays $60. c. $1 Back Pair wins if you correctly guess the last two digits. It pays $60. d. $6 6-way combo wins if the three digits are different and you guess all three in any order. It pays $600. e. $3 3-way combo wins if two of the three digits are the same, and you guess all three in any order. It pays $600. f. $1 1-off lets you win if some of your digits are off by one (9 and 0 are considered to be one off from each other). If you get the number exactly correct, you win $300. If you have one digit off by one, you win $29. If you have two digits off by one, you win $4, and if all three of your digits are off by one you win $9. Consider the value of your bet to be your expected winnings per dollar bet. What value do each of these bets have?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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This is a Statistics problem. Please explain each step thoroughly.
The problem I'm having issues with is shown below:
Transcribed Image Text:3.14
To play the Missouri lottery Pick 3, you choose three digits 0-9 in order. Later, the lottery selects three
digits at random, and you win if your choices match the lottery values in some way. Here are some
possible bets you can play:
a. $1 Straight wins if you correctly guess all three digits, in order. It pays $600.
b. $1 Front Pair wins if you correctly guess the first two digits. It pays $60.
c. $1 Back Pair wins if you correctly guess the last two digits. It pays $60.
d. $6 6-way combo wins if the three digits are different and you guess all three in any order. It pays
$600.
e. $3 3-way combo wins if two of the three digits are the same, and you guess all three in any order. It
pays $600.
f. $1 1-off lets you win if some of your digits are off by one (9 and 0 are considered to be one off from
each other). If you get the number exactly correct, you win $300. If you have one digit off by one,
you win $29. If you have two digits off by one, you win $4, and if all three of your digits are off by
one you win $9.
Consider the value of your bet to be your expected winnings per dollar bet. What value do each of these
bets have?
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