Solution Found!
Lottery Numbers In the Big 4 lottery, for a bet of $100,
Chapter 5, Problem 2CTC(choose chapter or problem)
QUESTION:
Lottery Numbers In the Big 4 lottery, for a bet of $100, the payoff is $5000. What is the expected value of winning? Is it worth it?
Questions & Answers
QUESTION:
Lottery Numbers In the Big 4 lottery, for a bet of $100, the payoff is $5000. What is the expected value of winning? Is it worth it?
ANSWER:Solution:
Step 1 of 2:
From the given problem we have,
In the Big 4 lottery, for a bet of $100, the payoff is $5000.
Then the total number of different 4 digit numbers selected is
Here we need to find the expected value of winning.