Finding expected value for the Illinois Pick 3 game. In illinos pick 3 lottery game, you pay 50 cents to?

select a sequence of three digits, such as 233. If you select the same sequence of 3 digits, you win and collect $250.00.

a. how many different selections possible.

b.what is the probability of winning.

c.if you win what is your net profit.

d.Find the expected value

e.if u bet 50 cents in illinos pick 4 game ,the expected value is -25cent. what best is better. a 50cent bet in illinos pick 3 or a 50cent bet in illinos pick 4 game? explain

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  • 1 decade ago
    Favorite Answer

    PART A:

    Assuming each digit (0-9) is possible you have 10 x 10 x 10 = 1000 selections. That makes sense because the choices would be 000 to 999.

    PART B:

    You have 1 winning sequence out of 1000 total. The probability of winning is 1/1000 = 0.001 = 0.1%

    PART C:

    If you win, your net profit is $249.50. That's because you win $250.00 but spent $0.50.

    PART D:

    The expected value is:

    1/1000 x $249.50 + 999/1000 x (-$0.50)

    = -0.25 (lose 25 cents, on the average)

    PART E:

    The expected value is the same in both cases, so it comes down to whether you want a bigger chance of winning a smaller amount, or a smaller chance of winning a bigger amount.

  • 4 years ago

    Illinois State Lottery Pick 3

  • 5 years ago

    This Site Might Help You.

    RE:

    Finding expected value for the Illinois Pick 3 game. In illinos pick 3 lottery game, you pay 50 cents to?

    select a sequence of three digits, such as 233. If you select the same sequence of 3 digits, you win and collect $250.00.

    a. how many different selections possible.

    b.what is the probability of winning.

    c.if you win what is your net profit.

    d.Find the expected value

    e.if u bet 50 cents in...

    Source(s): finding expected illinois pick 3 game illinos pick 3 lottery game pay 50 cents to: https://shortly.im/cZ83j
  • 1 decade ago

    There are 10 x 10 x 10 or 1000 possible combinations.

    The probability of winning then is 1/1000.

    If you do win, your profit is 249.50

    E = (-.50 * 999/1000) + (250 * 1/1000)

    = -0.4995 + .25 = -0.2495

    The pick 3 is a better bet, because -0.2495 is higher than -0.25.

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  • 4 years ago

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  • nadia
    Lv 4
    4 years ago

    Illinois Pick 3

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