Expected Value in Maines Pick 4 Game In Maines Pick 4
Chapter 5, Problem 24(choose chapter or problem)
Expected Value in Maines Pick 4 Game In Maines Pick 4 lottery game, you can pay$1 to select a sequence of four digits, such as 1332. If you select the same sequence of fourdigits that are drawn, you win and collect $5000.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 in Maines Pick 3 game, the expected value is -50. Which bet is better: A $1bet in the Maine Pick 3 game or a $1 bet in the Maine Pick 4 game? Explain
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