Question: Expected Value in Maines Pick 4 Game In Maines Pick 4 lottery game, you can pay $1 to select a sequence of four digits, such

Expected Value in Maine’s Pick 4 Game In Maine’s Pick 4 lottery game, you can pay

$1 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 $5000.

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 $1 in Maine’s Pick 3 game, the expected value is -50¢. Which bet is better: A $1 bet in the Maine Pick 3 game or a $1 bet in the Maine Pick 4 game? Explain.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Elementary Statistics Questions!

In Maines Pick 4 lottery game, you can pay $1 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 $5000. a. How many...

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...

Chapter 15, \"More Probability\" from Applied Finite Mathematics by Rupinder Sekhon was developed by OpenStax College, licensed by Rice University, and is available on the Connexions website. It is...

answer all Quegion 1 (a) In a certain Pick 4 game. you pay Rst to select a sequence of four digits. such as 2283. If you buy only one ticket and win. your prize is Rs 5000 and your net gain is 4999....

Answer all if possible and show your workings. Questinnl (a) In a certain Pick 4 game, you pay R51 to select a sequence of four digits. such as 2283. If you buy only one ticket and win. your prize is...

In Ohios Pick 4 game, you pay $1 to select a sequence of four digits, such as 7709. If you buy only one ticket and win, your prize is $5000 and your net gain is $4999. a. If you buy one ticket, what...

In Kentuckys Pick 4 game, you pay $1 to select a sequence of four digits, such as 2283. If you buy only one ticket and win, your prize is $5000 and your net gain is $4999. a. If you buy one ticket,...

In Kentucky s Pick 4 game, you pay $ 1 to select a sequence of four digits, such as 2 2 8 3 . If you buy only one ticket and win, your prize is $ 5 0 0 0 and your net gain is $ 4 9 9 9 . a . If you...

How Many Different Selections Are Possible? What Is The Probability Of Winning? If You Win, What Is Your Net Profit? Find The Expected Value. If You Bet $1 On The Pass Line In The Casino Dice Game Of...

\fThis is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does...

It is well known that the power consumed by a compressor can be reduced by cooling the gas during compression. Inspired by this, somebody proposes to cool the liquid as it flows through a pump, in...

Notes to the financial statements regarding liabilities typically include the interest rates and payment terms on major debts, as well as details of any foreign currency repayment requirements. Why...

Write and test a short program for the sample algorithm in your chasen programming language.

Suppose the Therapist table is set up as follows. Why is this table not in 1NF? a. The table contains repeating groups. b. A field does not contain atomic values. c. The table includes duplicate...

Which are distributions? Which of the following tables represent probhility distributions? 3 0.35 4 0.20 5 0.18 6 0.09 7 0.18 5 0.27 6 0.45 7 -0.06 8 0.44 0 0.02 1 0.34 02 3 001 4 0.43 5 0.14 2. 0.10...

Suspensions: The concentration of particles in a suspension is 2 per milliliter. A volume of 3 milliliters is withdrawn. Find the following probabilities. a. P(Exactly five particles are withdrawn)...

Congenital disease: The connexin-26 mutation is a genetic mutation that results in deafness. The probability that a person carries a gene with this mutation is 0.0151. Find the probability that...

Assuming a large population and holding all factors constant, what is the expected effect of a decrease in ARO on CUER? O Increase O Decrease O No change D Question 53 0.5 pts The following audit...

Gulfcoast, Inc. purchased a van on January 1, 2025, for $850,000 Estimated life of the van was five years and its estimated residual value was $91,000. Gulfcoast Inc. uses the straight-line method of...

Bond Discount, Entries for Bonds Payable Transactions On July 1, Year 1, Danzer Industries Inc. issued $4,800,000 of 6-year, 9% bonds at a market (effective) interest rate of 11%, receiving cash of...