Reference no: EM132844537
You are playing a lottery game where you pick 3 numbers, 0-9. The numbers are drawn without replacement. If you pick the 3 numbers in the correct order, you earn $790, and if you lose, you pay $2.
Determine what the expected amount of winnings are on average, per game, if you were to play the game many times.
b) There is a similar game called Pick 4, where you pick 4 numbers 0-9, and you still play without replacement. If your numbers match the lottery numbers, you win $30,000. If you lose, you pay $5.
Determine what the expected amount of winnings are on average, per game, if you were to play the game many times.
c) Out of these two games, which are you more likely to win money from?
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