Numbers is a game where you bet $1.00 on any three-digit number from 000 to
999. If your number comes up, you get $750.00. Find the expected winnings.
Expected winnings = 1/1000(750) = .75
So you bet $1.00 to win $0.75 , mmmhhh!
Thanks a lot
To find the expected winnings, we need to calculate the probability of winning and the amount of money won.
Step 1: Calculate the probability of winning:
There are a total of 1000 possible three-digit numbers from 000 to 999. Since you can bet on any of these numbers, the probability of winning is 1 out of 1000, or 1/1000.
Step 2: Calculate the amount of money won:
If you win, you get $750.00.
Step 3: Calculate the expected winnings:
The expected winnings can be calculated by multiplying the probability of winning by the amount of money won:
Expected Winnings = Probability of Winning × Amount of Money Won
= (1/1000) × $750.00
Now, let's do the calculation:
Expected Winnings = (1/1000) × $750.00
= $0.75
Therefore, the expected winnings in the Numbers game is $0.75.