n a​ state's Pick 3 lottery​ game, you pay ​$1.39 to select a sequence of three digits​ (from 0 to​ 9), such as 899. If you select the same sequence of three digits that are​ drawn, you win and collect ​$482.08. Complete parts​ (a) through​ (e). A. How many different selections are possible? B. What is the probability of winning C. If you win what is your net profit? D. Find expected value. 

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Author:Amos Gilat
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In a​ state's Pick 3 lottery​ game, you pay ​$1.39 to select a sequence of three digits​ (from 0 to​ 9), such as 899. If you select the same sequence of three digits that are​ drawn, you win and collect ​$482.08. Complete parts​ (a) through​ (e). A. How many different selections are possible? B. What is the probability of winning C. If you win what is your net profit? D. Find expected value. 
Expert Solution
Step 1

Given,

outflow= $1.39

income= $482.08

 

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