In Maines Pick 4 lottery game, you can pay $1 to select a sequence of four digits,
Question:
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.
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a 10 10 10 0 10000 b 110000 c 5000 1 ...View the full answer
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