In a certain state's Pick 3 lottery game, you pay $1.45 to select a sequence of three digits (from 0 to 9), such as 811. If you select the same sequence of three digits that are drawn, you win and collect $ 480.92. Complete parts (a) through

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In a certain state's Pick 3 lottery game, you pay $1.45 to select a sequence of three digits (from 0 to 9), such as 811. If you select the same sequence of three digits that are drawn, you win and collect $ 480.92. Complete parts (a) through (e)
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In a state's Pick 3 lottery game, you pay $1.45 to select a sequence of three digits (from 0 to 9), such as 811. If you select the same sequence of three digits that are drawn, you win and collect $480.92. Complete parts (a) through (e).
ck
a. How many different selections are possible?
b. What is the probability of winning?
(Type an integer or a decimal.)
c. If you win, what is your net profit?
(Type an integer or a decimal.)
d. Find the expected value.
$(Round to the nearest hundredth as needed.)
e. If you bet $1.45 in a certain state's Pick 4 game, the expected value is - $0.97. Which bet is better, a $1.45 bet in the Pick 3 game or a $1.45 bet in the Pick 4 game? Explain.
A. Neither bet is better because both games have the same expected value.
OB. The Pick 3 game is a better bet because it has a larger expected value.
OC. The Pick 4 game is a better bet because it has a larger expected value.
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Transcribed Image Text:- In a state's Pick 3 lottery game, you pay $1.45 to select a sequence of three digits (from 0 to 9), such as 811. If you select the same sequence of three digits that are drawn, you win and collect $480.92. Complete parts (a) through (e). ck a. How many different selections are possible? b. What is the probability of winning? (Type an integer or a decimal.) c. If you win, what is your net profit? (Type an integer or a decimal.) d. Find the expected value. $(Round to the nearest hundredth as needed.) e. If you bet $1.45 in a certain state's Pick 4 game, the expected value is - $0.97. Which bet is better, a $1.45 bet in the Pick 3 game or a $1.45 bet in the Pick 4 game? Explain. A. Neither bet is better because both games have the same expected value. OB. The Pick 3 game is a better bet because it has a larger expected value. OC. The Pick 4 game is a better bet because it has a larger expected value. esc ntrol estat6t_ppt05....pptx A ! 1 FI a A 1 option Z @ 2 * 59 W S estat6tppt 05....pptx A X command # 3 80 F3 E D C $ 4 q F4 R F 1 % сла 5 V DA L' [0] f FS L T G > 6 B MacBook Air G F6 √ S 1, (10) More Y H & 7 N K W U J * 8 30 M DII FB - ( 9 K DD F9 O V - ) O L command 4 F10 P ^. I Time Remaining: 00:51:19 : ; option F11 { [ ? 1 + " = An Show All F12 Next } 1 11 BI del
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