I simply cannot get the answer that matches the one on the solutions page. Please help. Thanks
A lottery is designed so that the winning number is a randomly chosen 4-digit number (0000 to 9999). THe prize is designed as follows: if your ticket matches the last 2 digits (in order) of the winning number ,you win $50, match last 3 digits (in order) and win $500 (but not the $50 for matching the last 2), match all 4 digits in order and win $5000 (but not $500 or $50). The cost to buy a lottery ticket is $2. Find the ticket holder's expected net gain.
A lottery is designed so that the winning number is a randomly chosen 4-digit number (0000 to 9999). THe prize is designed as follows: if your ticket matches the last 2 digits (in order) of the winning number ,you win $50, match last 3 digits (in order) and win $500 (but not the $50 for matching the last 2), match all 4 digits in order and win $5000 (but not $500 or $50). The cost to buy a lottery ticket is $2. Find the ticket holder's expected net gain.
Help with problem from ACTEX
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