STAT 2000-The state of Georgia has several statewide lottery options
Question # 00396488
Posted By:
Updated on: 09/28/2016 02:04 AM Due on: 09/28/2016
The state of Georgia has several statewide lottery options. 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, you win $390 if your number is selected and nothing ($0) otherwise.
A) With a single $1 bet, what is the probability that you win $390?
B) The mean of the distribution equals $______ corresponding to an expected winnings of_____ cents for the dollar paid to play.
C) If you play "PICK 3" 100 times, how much should you expect to lose? $
-
Rating:
/5
Solution: STAT 2000-The state of Georgia has several statewide lottery options