Friday

August 29, 2014

August 29, 2014

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

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 8:11amThis 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.

**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...

microeconomics - . Suppose that two players are playing the following game. ...

Algebra 2 - Game Theory: Consider a game in which each of two people ...

math-i have another question - Player A and B invented a new game. The ...

math - A game consists of tossing a coin and rolling an ordinary die. If the ...

Statistics and Probability - The Tri-State Pick 3 lottery game offers a choice ...

algebra with finance - A video game has been developed whereby the player must ...

Statistics - "Buy a Match 6 lottery ticket every day until you win the lottery...