Expected Value for the Texas Pick 3 Game In the Texas Pick
Chapter 5, Problem 23(choose chapter or problem)
Expected Value for the Texas Pick 3 Game In the Texas Pick 3 lottery, you can bet$1 by selecting three digits, each between 0 and 9 inclusive. If the same three numbers aredrawn in the same order, you win and collect $500.a. How many different selections are possible?b. What is the probability of winning?c. If you win, what is your net profit?d. Find the expected value.e. If you bet $1 on the pass line in the casino dice game of craps, the expected value is -1.4.Which bet is better: a $1 bet in the Texas Pick 3 game or a $1 bet on the pass line in craps? Explain
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