In a state's Pick 3 lottery game, you pay $1.18 to select a sequence of three digits (from 0 to 9), such as 711. If you select the same sequence of three digits that are drawn, you win and collect $391.69. Complete parts (a) through (e). 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? d. Find the expected value. (Round to the nearest hundredth as needed.) e. If you bet $1.18 in a certain state's Pick 4 game, the expected value is −$0.79. Which bet is better, a $1.18 bet in the Pick 3 game or a $1.18 bet in the Pick 4 game? Explain.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
In a state's Pick 3 lottery game, you pay $1.18 to select a sequence of three digits (from 0 to 9), such as 711. If you select the same sequence of three digits that are drawn, you win and collect $391.69. Complete parts (a) through (e).
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