5.In the Arizona lottery called Pick 3, a player pays $1 and then picks a three-digit number. Ifthose three numbers are picked in that specific order the person wins $500. What is theexpected value in this game.(Hint: 3 numbers can only be chosen from 10 numbers i.e. from 0 to 9)

5. The Arizona lottery called Pick 3. The player show pay $1 for picking a three-digit numbers. If…

Answered: 5. In the Arizona lottery called Pick…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Suppose that you flip a coin 11 times. What is the probability that you achieve at least 4 tails?
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In the USA, roulette wheels have 38 slots. They are the numbers 1 through 36, 0, and 00. Half of the numbers 1 through 36 are red, and the other half are black, so there are 18 red numbers and 18 black numbers. The numbers 0 and 00 are green. If you bet $5 on red, you win $5 if the ball lands on a red number. Otherwise, you lose your $5. In class we found your expected value from this bet was $-.26. However, if you play in Atlantic City, they give you a break when betting on a single color like red and if the ball lands on 0 or 00 you only lose half your bet, or $2.50. If the ball lands on black you still lose your whole bet of $5.00. Find the expected value of betting $5 on red in Atlantic City.
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5. In the Arizona lottery called Pick 3, a player pays $1 and then picks a three-digit number. If those three numbers are picked in that specific order the person wins $500. What is the expected value in this game. (Hint: 3 numbers can only be chosen from 10 numbers i.e. from 0 to 9)