Question

Please help! Correct answer only!

In a raffle, one ticket will win a $900 prize, and the remaining tickets will win nothing. There are 500 in the raffle. If you have a ticket, what is the expected payoff?

Answer 1

" Expected Payoff " ⇒ $ 1.80 ; Type in 1.80

Explanation:

Take the probability of winning into consideration;

`Total Number of Tickets - 500,\\Tickets 1 Person Can Enter - 1 Ticket,\\\\Probability of Winning - 1 / 500,\\Money Won - 900 Dollars,\\\\Proportionality - 1 / 500 = x / 900 - where, x =`

Solution ; " Expected Payoff " ⇒ $ 1.80