document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=443020>Question 443020</A>: <I><SPAN STYLE=\"word-break: break-all;\"> you pick 3 lotary games, you pay $.50 to select a sequence of three digits such as 233. If you select the same sequence of three digits that are drawn, you win and collect $250.00  <BR>\n" );
document.write( "a.  how many diffrent selections are possible<BR>\n" );
document.write( "b. what is the probability of winning <BR>\n" );
document.write( "c. find the expected value<BR>\n" );
document.write( "d. if you bet $0.50 in Ilw. game the expected value is -25c .  which one is better, a 50cent bet in the ilw pick 3 game or a $0.50 cent bet in ilw pick 4 game?  Explain </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #305561 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=305561\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> You pick 3 lottery games, you pay $.50 to select a sequence of three digits such as 233. If you select the same sequence of three digits that are drawn, you win and collect $250.00 <BR>\n" );
document.write( "a. how many diffrent selections are possible: 10^3 = 1000<BR>\n" );
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document.write( "b. what is the probability of winning:1/1000<BR>\n" );
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document.write( "c. find the expected value:<BR>\n" );
document.write( "E(x) = (1/1000)(249.75)+ (999/1000)(-0.25) = 0.000000<BR>\n" );
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document.write( "d. if you bet $0.50 in Ilw. pick three game the expected value is -25c . which one is better, a 50cent bet in the ilw pick 3 game or a $0.50 cent bet in ilw pick 4 game? Explain<BR>\n" );
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document.write( "Pick 4 game expected value:<BR>\n" );
document.write( "E(x) = (1/1000)(249.50)+(999/1000)(-0.50) = -0.25<BR>\n" );
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document.write( "Both games have the same expected loss to the player.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );