Question

out of 500 tickets in a raffle, one ticket will win a $650 prize, two tickets will win a $530 prize, and ten ckets will win a $70 prize. The rest will win nothing. If you have a ticket, what is the expected payoff? $​

Answer 1

500 tickets
1/500 = 650 (1.30)
2/500 = 350 (1.40)
10/500 = 70 (1.40)
487/500 = 0 (0)

Payoff 1.3 + 1.4 + 1.4 = $4.10

Subtract the cost of the ticket from that