Question: Finding Expected Value for the Illinois Pick 3 Game In Illinois Pick 3 game, you pay 50 to select a sequence of three digits, such

Finding Expected Value for the Illinois Pick 3 Game In Illinois’ Pick 3 game, you pay 50¢ to select a sequence of three digits, such as 911. If you win by selecting the same sequence of three digits that are drawn, you collect $250.

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: The Illinois Pick 3 game or the New Jersey Pick 3 game? Why?

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