In the Georgia Pick 3 lottery game, you pay 51 cents to select a 3-digit number, such as 205. Repetition of digits is allowed. If you select the same 3-digit number that is drawn, you win. a) What is the probability you win the lottery? b) What is the expected value of your winnings?

Zachery Mckee

Zachery Mckee

Answered question

2022-11-29

In the Georgia Pick 3 lottery game, you pay 51 cents to select a 3-digit number, such as 205.
Repetition of digits is allowed. If you select the same 3-digit number that is drawn, you win $356.
a) What is the probability you win the lottery?
b) What is the expected value of your winnings?

Answer & Explanation

Cooper Church

Cooper Church

Beginner2022-11-30Added 9 answers

Solution:
there are 10 digits
number of all possible 3 digit number = 10 10 10 = 1000
a) the probability of winning the lottery = 1 1000 = 0.001
b) the expected value of winnings = 356 0.001 51 = 50.644

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