# Question

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. What is the probability of winning?

c. If you win, what is your net profit?

d. Find the expected value.

e. If you bet $1 in Maine’s Pick 3 game, the expected value is -50¢. Which bet is better: A $1 bet in the Maine Pick 3 game or a $1 bet in the Maine Pick 4 game? Explain.

a. How many different selections are possible?

b. What is the probability of winning?

c. If you win, what is your net profit?

d. Find the expected value.

e. If you bet $1 in Maine’s Pick 3 game, the expected value is -50¢. Which bet is better: A $1 bet in the Maine Pick 3 game or a $1 bet in the Maine Pick 4 game? Explain.

## Answer to relevant Questions

When playing roulette at the Venetian casino in Las Vegas, a gambler is trying to decide whether to bet $5 on the number 27 or to bet $5 that the outcome is any one of these five possibilities: 0, 00, 1, 2, 3. From Example ...The current Senate consists of 83 males and 17 females. Forty different senators are randomly selected without replacement, and the gender of each selected senator is recorded. Determine whether the given procedure results ...Find the probability that the number x of correct answers is more than 2. Assume that random guesses are made for five multiple-choice questions on an ACT test, so that there are n = 5 trials, each with probability of ...Based on a Harris poll, among adults who regret getting tattoos, 20% say that they were too young when they got their tattoos. Assume that five adults who regret getting tattoos are randomly selected, and find the indicated ...In a recent U.S. Open tennis tournament, among 20 of the calls challenged by players, 8 were overturned after a review using the Hawk-Eye electronic system. Assume that when players challenge calls, they are successful in ...Post your question

0