SOLUTION: The Ohio lottery has a game called Pick 4 where a player pays $2 and picks a four-digit number. If the four numbers come up in the order you picked, then you win $2000. What is you

Algebra ->  Probability-and-statistics -> SOLUTION: The Ohio lottery has a game called Pick 4 where a player pays $2 and picks a four-digit number. If the four numbers come up in the order you picked, then you win $2000. What is you      Log On


   

Question 1178010: The Ohio lottery has a game called Pick 4 where a player pays $2 and picks a four-digit number. If the four numbers come up in the order you picked, then you win $2000. What is your expected value? Round to the nearest cent, if necessary.
The expected value is
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
If repetition of digits is allowed, then you expect to gain/lose
1998%2A%281%2F10000%29++%2B+%28-2%29%2A%281-+1%2F10000%29+=+-1.80.
If repetition of digits is not allowed, then you expect to gain/lose
, to the nearest cent.
So however you select the four digits, on average you lose in this lottery!