Question

Please help! Correct answer only!

A raffle has 1,000 tickets. One ticket will win a $830 prize. The remaining tickets will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

" Expected Payoff " ⇒ $ 0.830

Explanation:

Consider the probability of entering 1 ticket out of the 1000 entered;

`Total Tickets Entered - 1000 Tickets,\\Prize Won - 830 Dollars,\\Number of Tickets One Can Enter - 1 Ticket,\\\\Probability of Winning - 1 / 1000,\\Proportionality - 1 / 1000 = x / 830, If x =`

Solution ; " Expected Payoff " ⇒ $ 0.830 ( might or might not include 0 at end )