In the Ohio Pick 4 lottery, you can bet $1 by selecting four digits, each between 0
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 for a $1 bet.
e. If you bet $1 on the pass line in the casino dice game of craps, the expected value is -1.4¢. Which bet is better in the sense of producing a higher expected value: a $1 bet in the Ohio Pick 4 lottery or a $1 bet on the pass line in craps?
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a 10 10 10 10 10000 b 1 10000 c 5000 1 4999 d 1 1 ...View the full answer
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Related Book For 
Mathematical Interest Theory
ISBN: 9781470465681
3rd Edition
Authors: Leslie Jane, James Daniel, Federer Vaaler
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