For many years, organized crime ran a numbers game that is now run legally by many state governments. The player selects a three-digit number from 000 to 999. There are 1000 such numbers. A bet of $2 is placed on a number, say number 115. If the number is selected, the player wins $1000. If any other number is selected, the player wins nothing.

Find the expected value for this game and describe what this means.

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Mathematics

Warren Romero

17 July, 02:28

For many years, organized crime ran a numbers game that is now run legally by many state governments. The player selects a three-digit number from 000 to 999. There are 1000 such numbers. A bet of $2 is placed on a number, say number 115. If the number is selected, the player wins $1000. If any other number is selected, the player wins nothing.

Find the expected value for this game and describe what this means.

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Adam Strickland · Answer 1

For many years, organized crime ran a numbers game that is now run legally by many state governments. the player selects a three digit number from 000 to 999. there are 1000 such numbers. a bet of $1 is placed on a number, say number 115. if the number is selected, the player wins $500. if any other number is selected, the player wins nothing. find the expected value for this game and describe what it means