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.

Fall 2009 Stats 350 Exam 1 Explanations 1. a. The population of interest for this survey is: All higher education professionals in the United States. The second and fourth options are incorrect because they refer to the specific sample. The third option is incorrect because higher education professionals not institutions were surveyed. b. The value 0.693 corresponds...