If you bet $1 in kentucky’s pick 4 lottery game, you either lose $1 or gain $4,999. (the winning prize is $5,000, but your $1 bet is not returned, so the net gain is $4,999.) the game is played by selecting a four-digit number between and . what is the probability of winning? if you bet $1 on 1234, what is the expected value of your gain or loss?

The expected value of loss is -$0.5.

Step-by-step explanation:

Consider the provided information.

We need to select a four digit number between 0000 and 9999.

The two outcomes are either you lose $1 or you gain $4999.

If you bet $1 on 1234, then

The probability of losing is:

The probability of winning is:

The expected value of gain or loss is:

Hence, the expected value of loss is -$0.5.

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step-by-step explanation: