24 How many different selections are possible? What is the probability of winnin

Question

24

How many different selections are possible? What is the probability of winning? If you win, what is your net profit? Find the expected value. If you bet $1 on the pass line in the casino dice game of craps, the expected value is -1.4c. Which bet is better: a $1 bet in the Texas Pick 3 game or a $1 bet on the pass line in craps? Explain. Expected value in Maine's Pick A Game In Maine's Pick 4 lottery game, you can pay $1 to select a sequence of four digits, such as 1332. If you select the same sequence of four digits that are drawn, you win and collect $5000. a. How many different selections are possible? b. hat is the probability of winning?

Explanation / Answer

a)total number of 4 digis selection =10000 (from 0000 to 9999)

b) hence probability of winning =1/10000=0.0001

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