The number of possible selections, probability of winning, net profit, expected value are respectively; A) 1000 B) 0.001 C) $382.8 D) -$0.95
<h3>How to find expected value?</h3>
A) We are told that you want to select a sequence of three digits (from 0 to 9). This means that there will be 10 numbers in total,
Since there are 3 lottery games, then;
Number of possible selections = 10³ = 1000
B) Probability of winning = one outcome/total outcomes
Thus;
P(winning) = 1/1000
P(winning) = 0.001
C) Net profit = winning amount - paid amount
Thus;
Net Profit = 384.13 - 1.33
Net Profit = $382.8
D) Formula for Expected value is;
E(x) = (net profit * winning probability) - (paid amount * lost probability)
Thus;
E(x) = (382.8 * 0.001) - (1.33 * 0.999)
E(x) = - $0.95
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