Question

The state of Ohio has several statewide lottery options. One of the simpler ones is a "Pick 3" game in which you pick one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three digit number at random. With a bet of $1, you win $500 if your number is selected or nothing ($0) otherwise. With a single $1 bet, what is the probability that you win $500

Answer 1

Answer:

0.001 or 1%

Step-by-step explanation:

As stated in the question, there are 1000 possible three-digit numbers outcomes in this lottery game. When betting $1 on this game, you get to choose only one three-digit number, the probability that your number is the randomly selected number, which would give you $500, is:

$P=\frac{1}{1000}=0.001 = 0.1\%$

The probability that you win $500 is 0.001 or 1%