Register
Please help! Correct answer only! In a raffle, one ticket out of 250 will win a $230 prize. The rest will win nothing. If you have a ticket, what is the expected payoff? $__
203k views
3 votes
Please help! Correct answer only!

In a raffle, one ticket out of 250 will win a $230 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

$__

Please help! Correct answer only! In a raffle, one ticket out of 250 will win a $230 prize-example-1
User Dhrumil Shah
by
5.2k points

1 Answer

3 votes

Answer:

$0.92

Explanation:

Since only one ticket out of the 250 wins a 230 dollar prize, the expected payoff is 230/250=0.92. Hope this helps!

User YenForYang
by
4.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.7m questions

7.4m answers

Other Questions

In the mid-1700s, which industrializing nation was the dominant commercial power in the atlantic ocean?
How much was mezzo-soprano maria garcia earning per night by the time she left for europe in 1827?
The 1919 constitutional amendment that outlawed the sale and consumption of alcoholic beverages in the united states failed because __________.
Which of the following best describes historical evidence? A) The Study Of The Writting Of History B) The Sources That Support A Historical Argument C) The Big Ideas That Occur Across Human History D)
A leader of the Montgomery Bus Boycott who also became the spokesperson for nonviolent protest by African Americans was Ella Baker. James Farmer. Rev. Ralph Abernathy. Martin Luther King Jr.
Link Copied!