Question

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?

Answer 1

Answer:-

Given That:-

A lottery game called Pick 5 the player pays $1 and picks a 5-digit number. If the 5 numbers come up in the order

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	=0.00001	$29990.00001=$.02999
Other than the correct order of 5 numbers	.$1	1.0.00001=0.99999	.$10.99999=-$0.99999
Total			-$0.97

:SO,

Expected value= -$0.97

(Loss)