Statistics and Probability
posted by Laura on .
The Tri-State Pick 3 lottery game offers a choice of several bets. You choosea three-digit number. The lottery commision announces the winning three-digit number, chosen at random, at the end of each day. The "box" pays $83.33 if the number you choose has the same digits as the winning number, in any order; Find the expected payoff for a $1 bet on the box. (Assume that you chose a number having three different digits.
I have tried this problem many times and cannot get the right answer.
the outcome that you will receive is .25 and the "box" will keep .75 for every dollar you put in