Playing the Lottery: The state of Ohio has several statewide lottery options (www.ohiolottery.com). One of the simpler ones is a "Pick 3" game in which you pick one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1.00, you win $500.00 if your number is selected and nothing ($0.00) if otherwise. The Florida lottery has the same game (called CASH 3, with the STRAIGHT play option) and the same winnings structure.
a) With a single $1 bet, what is the probability that you win $500.00?
b) Let X denote your winnings for a $1 bet, so x= $0 or x=$500. Construct the probability distribution for X.
c) Show that the mean of the distribution equals 0.50, corresponding to an expected return of 50 cents for the dollar paid to play.
Appreciate the Help!!
Stats Help: Read for Further Details?
a) Say you picked 000, then they'd have to draw 000 out of all number from 000 to 999 for you to win $500. How many numbers total is that?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment