In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (Round to the nearest hundredth as needed.) e. If you bet $1.16 in a certain state's Pick 4 game, the expected value is - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game is a better bet because it has a larger expected value. O B. Neither bet is better because both games have the same expected value. C. The Pick 3 game is a better bet because it has a larger expected value.
In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 988. If you select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 415.4 (Type an integer or a decimal.) d. Find the expected value. $ - 0.74 (Round to the nearest hundredth as needed.) e. If you bet $1.16 in a certain state's Pick 4 game, the expected value is - $0.74. Which bet is better, a $1.16 bet in the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain. A. The Pick 4 game is a better bet because it has a larger expected value. O B. Neither bet is better because both games have the same expected value. C. The Pick 3 game is a better bet because it has a larger expected value.
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
Please answer only Part " E"
Transcribed Image Text:In a state's Pick 3 lottery game, you pay $1.16 to select a sequence of three digits (from 0 to 9), such as 988. If you
select the same sequence of three digits that are drawn, you win and collect $416.56. Complete parts (a) through
(e).
b. What is the probability of winning?
0.001 (Type an integer or a decimal.)
c. If you win, what is your net profit?
$ 415.4 (Type an integer or a decimal.)
d. Find the expected value.
$ - 0.74 (Round to the nearest hundredth as needed.)
e. If you bet $1.16 in a certain state's Pick 4 game, the expected value is - $0.74. Which bet is better, a $1.16 bet in
the Pick 3 game or a $1.16 bet in the Pick 4 game? Explain.
A. The Pick 4 game 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. The Pick 3 game is a better bet because it has a larger expected value.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman