QUESTION 1 1. New Jersey has a Pick 3 lottery game in which you pick a...

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QUESTION 1 1. New Jersey has a "Pick 3" lottery game in which you pick a three digit number between 000 and 999. If your three digit number matches the winning number, you win $250. The price of a ticket for this lottery is $1.00. Complete this probability distribution table: Winnings $250 Probability 001 $0 Calculate the expected value for this game and decide whether it is worthwhile, in the long run, to play. a. The expected value is $0.25. This means that in the long run you lose $0.25 for every dollar you spend so it is not worthwhile to play the game. b. The expected value is $0.25. This means that in the long run you will make a profit of $0.25 for every dollar you spend so it is worthwhile to play the game. The expected value is $0.25. This means that in the long run you lose 50.75 for every dollar you spend so it is not worthwhile to play the game. Oc d. The expected value is $125.00. This means that in the long run you will make a profit of $124.00 for every dollar you spend so it is worthwhile to play the game. O. The expected value is $1.25. This means that in the long run you will make a profit of $0.25 for every dollar you spend so it is worthwhile to play the game, QUESTION 1 1. New Jersey has a "Pick 3" lottery game in which you pick a three digit number between 000 and 999. If your three digit number matches the winning number, you win $250. The price of a ticket for this lottery is $1.00. Complete this probability distribution table: Winnings $250 Probability 001 $0 Calculate the expected value for this game and decide whether it is worthwhile, in the long run, to play. a. The expected value is $0.25. This means that in the long run you lose $0.25 for every dollar you spend so it is not worthwhile to play the game. b. The expected value is $0.25. This means that in the long run you will make a profit of $0.25 for every dollar you spend so it is worthwhile to play the game. The expected value is $0.25. This means that in the long run you lose 50.75 for every dollar you spend so it is not worthwhile to play the game. Oc d. The expected value is $125.00. This means that in the long run you will make a profit of $124.00 for every dollar you spend so it is worthwhile to play the game. O. The expected value is $1.25. This means that in the long run you will make a profit of $0.25 for every dollar you spend so it is worthwhile to play the game,

Answer rating: 100% (QA)

Answer X winning Price Winnings Probability x Px 250 0... View the full answer