In the Illinois pick 3 lottery game, you pay 50 cents to select a sequence of 3 digits, such as 314. If you select the same sequence of three digits that are drawn by the organizer, then you win and collect 250$. Show all of your steps for all of the following problems:  1. How many different selections are possible and what is the probability of winning?  2. If you win, what is your net profit? if you do not win, what is your net profit?  3. Let X be the random variable representing your net profit. determine the possible values that X can take on, and the probability of each: write in distribution Table  4. Find your expected winnings-that is, find the expected value of X.

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In the Illinois pick 3 lottery game, you pay 50 cents to select a sequence of 3 digits, such as 314. If you select the same sequence of three digits that are drawn by the organizer, then you win and collect 250$. Show all of your steps for all of the following problems: 

1. How many different selections are possible and what is the probability of winning? 

2. If you win, what is your net profit? if you do not win, what is your net profit? 

3. Let X be the random variable representing your net profit. determine the possible values that X can take on, and the probability of each: write in distribution Table 

4. Find your expected winnings-that is, find the expected value of X. 

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