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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? |
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There is no answer at this time. |
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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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