Expected Value in Maine's Pick 4 Game In Maine's Pick 4 lottery game, you can pay $1 to
Chapter 5, Problem 24(choose chapter or problem)
Expected Value in Maine's Pick 4 Game In Maine's 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 four digits 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 Maine's Pick 3 game, the expected value is 50 . Which bet is better: A $1 bet in the Maine Pick 3 game or a $1 bet in the MainePick 4 game? Explain.
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