is Question: 7 pts 7 of 16 (0 complete) This Test 100 pls possible in a state\'s

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is Question: 7 pts 7 of 16 (0 complete) This Test 100 pls possible in a state's Pick 3 lottery game, you pay $1.19 to select a sequence of three digits (from O to 9), such as 244. If you select the same sequence of three digits that are drawn, you win and collect $394.92. Complete parts (a) through (e) a. How many different selections are possible? b. What is the probability of winning? (Type an integer or a decimal) c. If you win, what is your net profit? (Type an integer or a decimal.) d. Find the expected value Sr. Round to the nearest hundredth as needed) e. If you bet $1.19 in a certain state's Pick 4 game, the expected value is -$0 80, Which bet is better a 51,19 bet in the Pick 3 game or a 51 19 bet in the Pick game? Explain Click to select your answer(s) 09

Explanation / Answer

total number of cases 10^3 =1000

expect value 1/1000*394.92 = .39492

profit on winning = 394.92-1.19 =393.73

expect profit = .39492-1.19=0.79508

pick 3 is slightly better

however at one decimal place both are same.

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