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A lottery game called Pick 5 where the player pays $1 and picks a 5-digit number....

A lottery game called Pick 5 where the player pays $1 and picks a 5-digit number. If the 5 numbers come up in the order you picked, then you win $3,000. What is your expected value?

Math   Statistics-And-Probability   
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Answer #1

From the given data, the following Table is formed:

Event Value for the player (x) Probability (p) x p
Correct order of 5 numbers $3000 - $1 = $2999 1/105 =0.00001 $2999 X 0.00001 = $0.02999
Other than the correct order of 5 numbers - $1 1 - 0.00001 = 0.99999 -$1 X 0.99999 = -$0.99999
Total = -$0.97

:So,

Expected value = - $0.97

                           (Loss)

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