Playing Pick 4, continued. The Wisconsin version of Pick 4 pays out $5000 ona $1 bet if
Chapter 0, Problem 10.54(choose chapter or problem)
Playing Pick 4, continued. The Wisconsin version of Pick 4 pays out $5000 ona $1 bet if your number matches the winning number exactly. It pays $200 on a $1bet if the digits in your number match those of the winning number in any order.You choose which of these two bets to make. On the average over many bets, yourwinnings will bemean amount won = payout amount probability of winningWhat are the mean payout amounts for these two bets? Is one of the two bets abetter choice?
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