Question

i am lost on this question if someone could help me

I will post the question in a second

Answer 1

in a states pick 3 lottery game you pay 1.42 to select a sequence of three digits (from 0 to 9) such as 944 if you select the same sequence of three digits that are drawn you win and collect 467.01

Answer 2

i got `0x`0x`0= 1000selections
choices 000 to 999
winning sequence out 1000 total
probablility of winning is 1/1000=0.001=0.1%

so far this is what i got

Answer 3

if you win your net profit is 465.59
because you spent 1.42
the expected value is 1/1000x465.59+944x(-1.42)

Answer 4

i am confused :(