In astate’s Pick 3 lottery game, you pay $1.03 to select a sequence of three digits (from 0 to 9), such as 755. If you select the same sequence of three digits that are drawn, you win and collect $306.33. Complete parts (a) through (e)
a. How many different selections are possible?
b. What is the probability of winning?
c. If you win, what is your net profit?
d. Find the expected value.
e. If you bet $ 1.03 in a certain state’s Pick 4 game, the expected value is negative $ 0.72. Which bet is better, a $1.03 bet in the Pick 3 game or a $ 1.03 bet in the Pick 4 game? Explain