Easy stats problem ...

NYSpeed Automotive NYSpeed Off Topic
1

okay boys, im having a brain fart… this is probably a stupid easy problem… i need to make sure i get a hundo on this. if someone could do this it would be much appreciated. thanks:

                                                      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.
No words, if it’s a loss of $0.02, write it as -$0.02
NOT loss of 2 cents.
The FORMAT that is expected :
$4.00, -$4.00 etc. (Neither of which is correct!)

2

Ironic after reading your sig LOL

-$1.00 ?

3

lol shutup.

and no i dont think that’s right

the wording it stupid… UGH

4

That question is dumb as shit. I have no idea what they’re looking for.

5

I KNOWWW. lol. its not clear

6

It’s just dumb probability. there are 1000 different choices ie: 000-999 each costing a dollar to do so. Basically they want to know how much each player will spend to hit it.

7

i pretty much figure its (.1 *.1 *.1) = .001 (1/10 chance to guess between 0-9 for three digits. since that leaves ~0% of winning, you lose the whole dollar. so i see where chuck is coming from, but it just seems too easy

8

it doesnt tell you how many times you can play though

9

-.25

i get it now
stupid