At a carnival, there is a raffle with 250 tickets. One ticket will win a $260 prize, nine tickets will win a $30 prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected

Dave Arkell asked May 19, 2023

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Dave Arkell asked May 19, 2023

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16 votes

we get that the expected payoff is $2.12

$E(X)=260\cdot(1)/(250)+30\cdot(9)/(250)+0\cdot(240)/(250)=2.12$

HSir answered May 25, 2023

by HSir

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