Question: In Maine s Pick 4 lottery game you can pay 1

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.

View Solution:

Sale on SolutionInn
  • CreatedMay 03, 2015
  • Files Included
Post your question