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# Expected Value for the Texas Pick 3 Game In the Texas Pick 3 lottery, you can bet \$1 by

ISBN: 9780321836960 18

## Solution for problem 23 Chapter 5-2

Elementary Statistics | 12th Edition

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Problem 23

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 are drawn 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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Proportion The proportion in some category is found by Proportions are also called relative frequencies, and we can display them in a relative frequency table. The proportions in a relative frequency table will add to 1 (or approximately 1 if there is some roundÂ­off error). Relative frequencies allow us to make comparisons without referring to the sample size. One...

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