Posted by **Andrew** on Sunday, April 27, 2008 at 11:44pm.

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 SOMEBODY Answer this Statistics question! -
**bobpursley**, Monday, April 28, 2008 at 8:11am
This is not statistics.

Expected profit= winvalue*probability - cost*probability.

There is one chance in 999 of winning. There are 998 chances of losing. Correct?

expected profit=750*1/999 - 1*998/999

It reminds me of the lotto, with over 1/2 the money being raked off for political uses, it is hard to justify gambling except to "help education", as the expected value of playing is greatly negative.

## Answer This Question

## Related Questions

- Statistics - The local lottery sets up a game wherein a player has a chance of ...
- Stats - The local lottery sets up a game wherein a player has a chance of ...
- college microeconomics - Suppose that two players are playing the following game...
- Algebra 2 - Game Theory: Consider a game in which each of two people ...
- microeconomics - . Suppose that two players are playing the following game. ...
- Math - A game is played using one dice. If the dice is rolled and shows 1, the ...
- Math - In the 6/50 lottery game, a player picks six numbers from 1 to 50. How ...
- math-i have another question - Player A and B invented a new game. The ...
- Computer programming - How to build a simple game in java that will allow a ...
- math - A game consists of tossing a coin and rolling an ordinary die. If the ...

More Related Questions