KENTUCKY PICK 4 In the Kentucky Pick 4 lottery game, you can pay $1 for a “straight” bet in which you select four digits with repetition allowed. If you buy only one ticket and win, your prize is $2500. a. If you buy one ticket, what is the probability of winning? b. If you play this game once every day, find the mean number of wins in years with exactly 365 days. c. If you play this game once every day, find the probability of no wins in 365 days.

KENTUCKY PICK 4 In the Kentucky Pick 4 lottery game, you can pay $1 for a “straight” bet in which you select four digits with repetition allowed. If you buy only one ticket and win, your prize is $2500. a. If you buy one ticket, what is the probability of winning? b. If you play this game once every day, find the mean number of wins in years with exactly 365 days. c. If you play this game once every day, find the probability of no wins in 365 days.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

KENTUCKY PICK 4 In the Kentucky Pick 4 lottery game, you can pay $1 for a “straight” bet in which you select four digits with repetition allowed. If you buy only one ticket and win, your prize is $2500.

a. If you buy one ticket, what is the probability of winning?

b. If you play this game once every day, find the mean number of wins in years with exactly 365 days.

c. If you play this game once every day, find the probability of no wins in 365 days.

d. Find the expected value for the purchase of one ticket.

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