Probability question

Statistics
Tutor: None Selected Time limit: 1 Day

In Ohio's Pick 4 game, you pay $1 to select a sequence of four digits, from 0-9. Numbers can repeat. If you buy one ticket and win, you get $5000. 

A. what is the probability of winning? hit: the range of winning numbers goes from 0000 to 9999.

b. what is the expectation of this game? U = mean = expected value 

May 15th, 2015

The probability that you choose correctly one digit is 1/10 = 0.1, then the probability that you choose correctly all 4 digits is (1/10)^4 = 1/10000 = 0.0001. The probability that you lose is 1 - 0.0001 = 0.9999.

The expected value of the game is 5000 * 0.0001 + (-1) * 0.9999 = 0.5 - 0.9999 = -0.4999. 

May 15th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
May 15th, 2015
...
May 15th, 2015
Mar 29th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer