Arizona's "Cash 4" is a 4/26 lottery. It differs from many

Last updated: 8/6/2022

Arizona's "Cash 4" is a 4/26 lottery. It differs from many other state lotteries in that its payoffs are set. If you match all four of the winning numbers, you win $10,000 (but you pay $1 to play, so your profit is $9,999). If you match three of the winning numbers, you win $25, and if you match two of the winning numbers, you win $2. Otherwise, you lose your $1. (a) Find the probability of winning first prize (b) Find the probability of winning second prize (c) Find the probability of winning third prize (d) Find the probability of losing (e) Find the expected value of Cash 4 Expected value = $