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Math Help - Expected number problem

  1. #1
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    Question Expected number problem

    For a Pick 3 lottery, you choose any one of the 1000 three-digit numbers. You pay $1 for your ticket. If your number is chosen you win $600. What is the expected value of winnings.

    Please help me with explanations......
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  2. #2
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    Re: Expected number problem

    Tough question. Please define "Expected Value of Winnings". Does it include the expense of playing?

    Without

    600/1000

    With

    600/1000 - 1

    Without Playing at all

    0
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  3. #3
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    Re: Expected number problem

    I got this question in a revision sheet so I definitely have no idea.
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  4. #4
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    Re: Expected number problem

    I will try to find if something is missing with this question and update later.
    Thanks.
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  5. #5
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    Re: Expected number problem

    Quote Originally Posted by hsetima View Post
    For a Pick 3 lottery, you choose any one of the 1000 three-digit numbers. You pay $1 for your ticket. If your number is chosen you win $600. What is the expected value of winnings.
    If you win, then your gain is $599.
    If you lose, then your loss is -$1.

    Expected value is (599)\frac{1}{1000}+(-1)\frac{999}{1000}=~?
    Last edited by Plato; August 11th 2011 at 03:24 PM.
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  6. #6
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    Re: Expected number problem

    Still, is "expected value" the same as "expected value of winnings"? It is so hard to write a perfect question.
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