In the Kentucky Pick 4 lottery, you can place a "straight" bet of $1 by selecting the exact order of four digits between 0 and 9 inclusive (with repetition allowed), so the probability of winning is 1/10,000. If the same four numbers are drawn in the same order, you collect $5000, so your net profit is $4999.
a. Find the actual odds against winning.
b. Find the payoff odds.
c. The website www.kylottery.com indicates odds of 1:10,000 for this bet. Is that description accurate?