Question

Please help! Correct answer only!

For a fundraiser, there is a raffle with 100 tickets. One ticket will win a $150 prize, and the rest will win nothing. If you have a ticket, what is the expected payoff?

$ ___

Answer 1

Expected Payoff ⇒ $ 1.50 ; Type in 1.50

Explanation:

Considering that 1 out of the 100 tickets will have a probability of winning a 150 dollar prize, take a proportionality into account;

`100 - Number of Tickets,\\1 - Number of Tickets You Can Enter,\\\\1 / 100 - Probability of Winning,\\$ 150 - Money Won,\\\\Proportionality - 1 / 100 = x / 150, where x -`

Thus, Solution ; Expected Payoff ⇒ $ 1.50