Quiz: Quiz (Sec 5.1-5.2) This Question: 1 pt Time Limit: 01.3000 Submt Quir This

Question

Quiz: Quiz (Sec 5.1-5.2) This Question: 1 pt Time Limit: 01.3000 Submt Quir This Quiz: 13 pts h a b. What is the probablity of winning? d. Find the expected value Round to the nearest hundredth as needed) e. If you bet $1 14 in a certain state's Pick 4 game, the expected value is-50 74 Which bet is better, a $1.14 bet in the Pick 3 game or a $1 14 bet in the Pick 4 game? Explan O A. The Pick 4 game is a better bet because it has a larger expected vakue OB. The pick 3 game is a better bet because it has a larger expected value ° C. Nether bet is beter because both games have te same expected value

Explanation / Answer

a. Each digit can come in 10 ways. Thus there can be 10*10*10 = 1000 selections.

b. The probability of winning is 1/1000 = 0.001.

c. In case of a win the profit is $396.45 - $1.14 = $395.31

d. The expected value is (1/1000) $396.45 - (999/1000) $1.14 = -0.74$

e. C. neither bet is better because both games have the same expected value.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.