Homework Help: Stats

Posted by Andrew on Sunday, April 27, 2008 at 11:37pm.

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 - Reiny, Monday, April 28, 2008 at 12:04am
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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