In a state's Pick 3 lottery game, you pay $1.28 to select the sequence of three digits, such as 222. If you select the same sequence of three digits that are drawn, you win and collect $420.17. Complete parts A-E.
a) How many different selections are possible?
b) What is the probability of winning? _____ (Enter integer or decimal)
c) If you win, what is your net profit? (Enter integer or decimal)
d) Find the expected value. _____ (Round to the nearest hundredth as needed)
e) If you bet $1.28 in a certain state's Pick 4 game, the expected value is $0.86. Which bet is better, a $1.28 bet in the
Pick 3 game or a $1.28 bet in the Pick 4 game? Explain.
a. Neither bet is better because both games have the same expected value
b. The Pick 3 game is a better bet because it has a larger expected value
c. The Pick 4 game is a better bet because it has a larger expected value