If you bet $1 in Kentuckys Pick 4 lottery, you either lose $1 or gain $4999. (The
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If you bet $1 in Kentucky’s Pick 4 lottery, you either lose $1 or gain $4999. (The winning prize is $5000, but your $1 bet is not returned, so the net gain is $4999.) The game is played by selecting a four-digit number between 0000 and 9999. What is the probability of winning? If you bet $1 on 1234, what is the expected value of your gain or loss?
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Statistical Reasoning For Everyday Life
ISBN: 978-0134494043
5th Edition
Authors: Jeff Bennett, William Briggs, Mario Triola
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