27. Expected Value in Virginia's Pick 3 Game In Virginia's Pick 3 lottery game, you can pay $1 to select a three-digit number from 000 through 999. If you select the same sequence of three digits that are drawn, you win and collect $500. a. How many different selections are possible? b. What is the probability of winning? c. If you win, what is your net profit? d. Find the expected value. e. If you bet $1 in Virginia's Pick 4 game, the expected value is - 50¢. Which bet is better in the sense of a producing a higher expected value: A $1 bet in the Virginia Pick 3 game or a $1 bet in the Virginia Pick 4 game?
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