Assume that is costs $1 to play a state's daily number lottery. The player chooses a three-digit number between 000 and 999, inclusive, and if the number is selected that day, then the player wins $500 (this means the player's profit is $500-$1 = $499).a. What is the expected value of this game?b. What should the price of a ticket be in order to make this game fair?
Mathbot Says...
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