Question

There is a raffle with 200 tickets. One ticket will win a $330 prize, one ticket will win a $2 prize, one ticket will win a $250 prize, one ticket will win a $90 prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

1 x 330 = 330

1 x 250 = 250

1 x 90 = 90

197 x 0 = 0

Total = $670

Expected payoff = 670/200 = $3.35