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The lottery game is an illustration of probability
- The total number of different selections is 1000
- The probability of winning is 0.001
- The net profit of winning is $262.82
- The expected earning is -$1.156
Each of the three selections can be any of the 1o digits 0 - 9.
So, the total number of different selections is:
Only one of the 1000 selections can win.
So, the probability of winning is:
The stake amount is given as $1.42, and the earnings per game is given as $264.25.
So, the net profit is:
Net = $264.25 - $1.42
Net = $262.82
<h3>The expected winnings</h3>This is calculated as:
So, we have:
Hence, the expected earning is -$1.156
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