Question: As always, show your work. 1) In a pick 4 lottery you buy a $1 ticket and pick 4 numbers, each from 0 to 9.

As always, show your work.

1) In a pick 4 lottery you buy a $1 ticket and pick 4 numbers, each from 0 to 9. The winner collects $5,000. What is the expected value of your ticket?

2) There is a 0.9968 probability that a randomly selected 50-year-old female lives through the year. A life insurance company charges $226 for insuring that the female will live through the year. If she does not survive the year, the policy pays out $50,000 as a death benefit. What is the expected value of the policy?

3) You give a casino $5 for a bet on the "pass line" in the game of craps. There is a 244/495 probability that you will win $5. They will give you $10, but it cost you $5 to bet. There is a 251/495 probability that you will lose your $5.

What is the expected value of your $5 bet?

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