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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? $__
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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 Muhammed Refaat
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4.1k 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 Cong Tran
by
4.0k points
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