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 977. If you select the same sequence of three digits that are drawn, you win and collect $342.82. Complete parts (a) through (e). a How many different selections are possible? 1000 b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 341.37 (Type an integer or a decimal.) d. Find the expected value. $(Round to the nearest hundredth as needed.)

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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 977. If you select the same sequence of three digits that are drawn, you win and collect $342.82. Complete parts (a) through (e)
a. How many different selections are possible?
1000
b. What is the probability of winning?
0.001 (Type an integer or a decimal.)
c. If you win, what is your net profit?
$ 341.37 (Type an integer or a decimal.)
d. Find the expected value.
$ (Round to the nearest hundredth as needed.)
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 977. If you select the same sequence of three digits that are drawn, you win and collect $342.82. Complete parts (a) through (e) a. How many different selections are possible? 1000 b. What is the probability of winning? 0.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $ 341.37 (Type an integer or a decimal.) d. Find the expected value. $ (Round to the nearest hundredth as needed.)
Expert Solution
Step 1

Formula for expected value : 

E(X) = xP(x) 

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