Hello! I need help on this question. I've been thinking about it for ages and I have absolutely no idea where to start.
The local lottery sets up a game wherein a player has a chance of collecting $750. The player must choose a 3-digit number and if it matches, the player receives $750.
It costs $1 to play the game.
What is the expected profit (or loss) for each player?
I'm not sure if there was a thread on this before. I googled but the link was not valid anymore.
Please help! What theory/formula do I use here?