In the Illinois Pick 3 lottery game, you pay 50⊄ to select a sequence of three digits, such as 233. If you select the same sequence of three digits that are drawn, you win and collect $250.

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 3 game or a 50⊄ bet in the Illinois Pick 4 game? Explain.