Solved: In illinois pick 3 game you pay 50 cents to select a, Basic Statistics

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In illinois pick 3 game you pay 50 cents to select a

In Illinois' Pick 3 game, you pay 50 cents to select a sequence of digits out of 1000 possibilities. If you select the same sequence that is drawn, you collect $250.

a. What is the probability of winning?

b. If you win, what is your net profit?

c. Find the expected amount of money you'll win.

d. Is this game favorable to you?

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Basic Statistics: In illinois pick 3 game you pay 50 cents to select a

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