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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Cong Tran · Answer 1 · 2021-10-19T15:46:24+0000

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!