Question

Score: 0.4 of 1 pt 48 of 55 (54 complete) Hw score: 74.06%, 40.73 of 55 pts 5.1.27 Question Help * In a state's Pick 3 lottery game, you pay $1.46 to select a sequence of three digits (from 0 to 9), such as 944、if you select the same sequence of three digits that are drawn, you win and collect $491.54. 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.) G. If you win, what is your net profit? 490.08 (Type an integer or a decimal.) d. Find the expected value (Round to the nearest hundredth as needed,)

Answer 1

Solution:-

a) The different number of possible selections are 1000.

b) The probability of wining is 0.001

Total number of possible outcomes = 1000

Number of favorable outcome = 1

The probability of wining = 1/1000

The probability of wining is 0.001

c) I you win, then your net profit is $490.08.

Net Profit = Profit - Cost of Ticket

Net profit = 491.54 - 1.46

Net profit = $490.08

d) The expected value is - $0.967.

E(x) = P(Win)*491.54 - P(Loss)*1.46

E(x) = 0.001*491.54 - 0.999*1.46

​​​​​​​E(x) = 0.49154 - 1.45854

E(x) = - 0.967