Concept explainers
a. How many different selections are possible?
b. What is the
c. If you win, what is your net profit?
d. Find the expected value.
e. If you bet $1 in Virginia’s Pick 4 game, the expected value is −50ȼ. Which bet is better in the sense of a producing a higher expected value: A $1 bet in the Virginia Pick 3 game or a $1 bet in the Virginia Pick 4 game?
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Chapter 5 Solutions
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