In a state's Pick 3 lottery game, you pay $0.94 to select a sequence of three digits (from 0 to 9), such as 111. If you select the same sequence of three digits that are drawn, you win and collect $262.55. Complete parts (a) through (e). Question content area bottom Part 1 a. How many different selections are possible? 10001000 Part 2 b. What is the probability of winning? 0.0010.001 (Type an integer or a decimal.) Part 3 c. If you win, what is your net profit? $261.61261.61 (Type an integer or a decimal.) Part 4 d. Find the expected value. $enter your response here (Round to the nearest hundredth as needed.
In a state's Pick 3 lottery game, you pay $0.94 to select a sequence of three digits (from 0 to 9), such as 111. If you select the same sequence of three digits that are drawn, you win and collect $262.55. Complete parts (a) through (e). Question content area bottom Part 1 a. How many different selections are possible? 10001000 Part 2 b. What is the probability of winning? 0.0010.001 (Type an integer or a decimal.) Part 3 c. If you win, what is your net profit? $261.61261.61 (Type an integer or a decimal.) Part 4 d. Find the expected value. $enter your response here (Round to the nearest hundredth as needed.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
In a state's Pick 3 lottery game, you pay
$0.94
to select a sequence of three digits (from 0 to 9), such as
111.
If you select the same sequence of three digits that are drawn, you win and collect
$262.55.
Complete parts (a) through (e).Question content area bottom
Part 1
a. How many different selections are possible?
10001000
Part 2
b. What is the probability of winning?
0.0010.001
(Type an integer or a decimal.)Part 3
c. If you win, what is your net profit?
$261.61261.61
(Type an integer or a decimal.)Part 4
d. Find the expected value.
$enter your response here
(Round to the nearest hundredth as needed. Expert Solution
Step 1
Given data:
In a state's Pick 3 lottery game,
you pay = $0.94
To select a sequence of three digits (from 0 to 9), such a 111.
If you select the same sequence of three digits that are drawn;
you win and collect = $262.55.
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