In New Jersey’s Pick 4 lottery game, you pay 50⊄ 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 $2788.

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 50⊄ in Illinois’ Pick 4 game, the expected value is -25⊄. Which bet is better: A 50⊄ bet in the Illinois Pick 4 game or a 50⊄ bet in New Jersey’s Pick 4 game? Explain.