In a state's lottery, you can bet $4 by selecting three digits, each between 0 and 9 inclusive. If the
same three numbers are drawn in the same order, you win and collect $300. Complete parts (a)
through (e).
a. How many different selections are possible?
b. What is the probability of winning?
(Simplify your answer.)
c. If you win, what is your net profit?
(Type an integer or a decimal. Do not round.)
d. Find the expected value for a $4 bet.
(Type an integer or a decimal. Do not round.)
e. If you bet $4 on a certain casino game, the expected value is -3.2¢. Which bet is better in the
sense of producing a higher expected value: a $4 bet on the state's lottery or a $4 bet on the
casino game? Explain.