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Q: Economics ( No Answer,   1 Comment )
Question  
Subject: Economics
Category: Business and Money > Accounting
Asked by: helpmequick-ga
List Price: $5.00
Posted: 26 Jan 2006 16:50 PST
Expires: 31 Jan 2006 10:44 PST
Question ID: 438118
Pick 3 Go to http://www.valottery.com/. What are the chances of
winning the "Pick 3 Exact Order" game? How much can you win? What is
the expected return? Is paying $1 to play this game rational?
Answer  
There is no answer at this time.

Comments  
Subject: Re: Economics
From: thither-ga on 26 Jan 2006 17:05 PST
 
http://www.valottery.com/pick3/howtoplay.asp

"Exact Order pays $500
For a chance to win $500, play Exact Order for $1. If you play the
number 123 in Exact Order, for example, you will win $500 if 123 is
drawn in that same order. When you play Exact Order, you do not win a
prize if 321 or another combination is drawn. Chances of winning Exact
Order are 1 in 1,000."

Or, in other words, you'll lose half of your money (unless you are Mr. Lucky).

Have a good day.

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