## Elementary Statistics (12th Edition)

a) In each selection there are 10 ways to select, threfore the number of selections: $10\cdot 10 \cdot 10 \cdot 10=10000$ ways. b) Out of the 1000 possibilities 1 possibility would win us the prize therefore the probability is:$\frac{1}{10000}$. c)net profit=winning-bet=5000-1=4999 d) Expected value: $5000\cdot\frac{1}{10000}+(-1)\cdot \frac{10000}{10000}=0.5-1=-0.5=-50 cents$ e)Both have the expected value of -50 cents, therefore betting on neither of them is better.