Question: Finding Expected Value for New Jerseys Pick 4 Game In New Jerseys Pick 4 lottery game, you pay 50 to select a sequence of four

Finding Expected Value for New Jersey’s Pick 4 Game In New Jersey’s Pick 4 lottery game, you pay 50¢ to select a sequence of four digits, such as 7273. If you win by selecting the same sequence of four digits that are drawn, you collect $2788.

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. An example in this section showed that if you bet 50¢ in the New Jersey Pick 3 game, your expected value is 222.5¢. Which is the better game: New Jersey’s Pick 3 game or Pick 4 game? Why?

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