In a state's lottery, you can bet $1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $600. Complete parts (a) through (e).a. How many different selections are possible?1000b. What is the probability of winning?11000(Simplify your answer.)c. If you win, what is your net profit?$ 599(Type an integer or a decimal. Do not round.)d. Find the expected value for a $1 bet.$(Type an integer or a decimal. Do not round.)

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Description: In a state's lottery, you can bet $1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $600. Complete parts (a) through (e).a. How many different selections are poss

We have Net profit = 599 The chance of winning = 1/1000 = 0.001 Not winning = 1- 0.001 = 0.999

Answered: In a state's lottery, you can bet $1 by…

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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In a state's lottery, you can bet $1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers are drawn in the same order, you win and collect $600. Complete parts (a) through (e).
a. How many different selections are possible?
1000
b. What is the probability of winning?
1
1000
(Simplify your answer.)
c. If you win, what is your net profit?
$ 599
(Type an integer or a decimal. Do not round.)
d. Find the expected value for a $1 bet.
$
(Type an integer or a decimal. Do not round.)

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Follow-up Question

If you bet $1 on a certain casino game, the expected value is - 3.5¢. Which bet is better in the sense of producing a higher expected value: a $1 bet on the state's lottery or a $1 bet on the casino game? Explain.

OA. The state's lottery is a better bet because it has a larger expected value.

B. Neither bet is better because both games have the same expected value.

C. It is impossible to compare the values because they have different units.

D. The casino game is a better bet because it has a larger expected value.

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