Many states have daily lotteries, which are played as follows: Sometime during the day, you buy a lottery ticket, on which the seller inscribes a number you choose, between 000 and 999. That night there is a drawing on television in which a three-digit number is drawn. If the number on your ticket matches the number drawn, you win and
Chapter 24, Exercises #4
Many states have daily lotteries, which are played as follows: Sometime during the day, you buy a lottery ticket, on which the seller inscribes a number you choose, between 000 and 999. That night there is a drawing on television in which a three-digit number is drawn. If the number on your ticket matches the number drawn, you win and collect $500. If you lose, you get nothing.
a. Write an Excel function which produces a random number between 000 and 999.
b. Assume that you bet $1 every day of the year on the same number. Show your cumulative winnings throughout the year.
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