ohio lottery pick 4

ohio lottery pick 4

Statistics question …?

In the "Ohio Pick 4" lottery, you choose one of the 10,000 4-digit numbers between 0000 and 9999 and (with a $ 1 bet) to win $ 5,000 if you get it right. In terms of expected earnings, with which game they are best – playing Pick 4 Pick 3 game in which you can earn $ 500 for a correct choice of a three digit number? Justify your answer.

The games are equivalent in terms expected earnings. In the first game: E (X) = 5000/10000 = $ 0.50 in the second game: E (X) = 500/1000 = $ 0.50 The expected value is the amount won multiplied by the probability of winning. In each case it expects to earn 50 cents for every dollar wagered – so it expects earnings in each case is negative 50 cents.

How To Win The Ohio Lottery