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here is a raffle with 500 tickets. One ticket will win a $960 prize, and the rest will win nothing. If you ave a ticket, what is the expected payoff?

1 Answer

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The expected value is a measure of what you should expect to win per game in the long run. Divide the total prize over the number of tickets to find the expected payoff:


(960)/(500)=1.92

Therefore, the expected payoff is:


1.92

User JonathanK
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