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March 25, 2017

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The local lottery sets up a game wherein a player has a chance of collecting $750.
The player must choose a 3-digit number and if it matches, the player receives $750
It costs $1 to play the game.
What is the expected profit (or loss) for each player.

PLEASE ANSWER ASAP!!!!!!!!!!

  • Stats - ,

    I will assume that the smallest 3 digit number is 100 and the largest 999, giving up 900 possible 3 digit numbers (999-99)

    So the prob of picking the correct number is 1/900

    the expected return is 1/900 * $750 = $0.83

    So the expected loss per play is 17 cents.

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