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The Tri-State Pick 3 Refer to Exercise 42. Suppose you buy one Pick 3 ticket on each of
Chapter 6, Problem 50(choose chapter or problem)
The Tri-State Pick 3 Refer to Exercise 42. Suppose you buy one Pick 3 ticket on each of two consecutive days. Find the expected value and standard deviation of your total winnings. Show your work.
Questions & Answers
QUESTION:
The Tri-State Pick 3 Refer to Exercise 42. Suppose you buy one Pick 3 ticket on each of two consecutive days. Find the expected value and standard deviation of your total winnings. Show your work.
ANSWER:Step 1 of 4
Refer to Exercise 42,
The Tri-State Pick 3 Most states and Canadian provinces have government-sponsored lotteries. Here is a simple lottery wager, from the Tri-State Pick 3 game that New Hampshire shares with Maine and Vermont. You choose a number with 3 digits from 0 to 9; the state chooses a three-digit winning number at random and pays you $500 if your number is chosen. Because there are 1000 numbers with three digits, you have probability 1/1000 of winning. Taking X to be the amount your ticket pays you, the probability distribution of X is :
Payoff: $0 $500
Probability: 0.999 0.001
Suppose you buy one Pick 3 ticket on each of two consecutive days.
It is required to find the expected value and standard deviation of your total winnings.