Question

Please help! Correct answer only!

In a raffle, one ticket out of 1,000 will win a $870 prize, one ticket will win a $820 prize, and one ticket will win a $740 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

" Expected Payoff " ⇒ $ 1.56 ; Type in 1.56

Explanation:

Consider the steps below;

`Tickets That Can Be Entered - 1 Ticket,\\Total Tickets Entered - 1000 Tickets,\\\\Proportion - 1 / 1000,\\Money One ( First Ticket ) = 820 Dollars,\\Money One ( Second Ticket ) = 740 Dollars,\\\\Proportionality ( First ) - 1 / 1000 = x / 820,\\Proportionality ( Second ) - 1 / 1000 = x / 740\\\\1 / 1000 = x / 820,\\1000 * x = 820,\\x = 820 / 1000,\\x = 0.82,\\\\1 / 1000 = x / 740,\\1000 * x = 740,\\x = 740 / 1000,\\x = 0.74\\\\Conclusion ;`

Solution; " Expected Payoff " ⇒ $ 1.56