Question

a raffle, one ticket will win a $960 prize, and the rest will win nothing. There are 1,000 in the raffle. If u have a ticket, what is the expected payoff?

Answer 1

a raffle, one ticket will win a $960 prize, and the rest will win nothing. There are 1,000 in the raffle. If u have a ticket, what is the expected payoff? ​

the expected payoff is

(1/1000)*(960)=960/1000=$0.96

answer is $0.96