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.
Statistics and Probability -
the outcome that you will receive is .25 and the "box" will keep .75 for every dollar you put in