Question

Please help! Correct answer only!

For a fundraiser, there is a raffle with 50 tickets. One ticket will win a $180 prize, and the rest will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

$ 3.60 ; Type in 3.60

Explanation:

Consider the steps below;

`Total Number of Tickets - 50 Tickets,\\Possible Number of Tickets Entered - 1 Ticket,\\\\Proportion - 1 / 50\\Money Won - 180 Dollars,\\\\Proportionality - 1 / 50 = x / 180, Where, x =`

Solution ; " Expected Payoff " ⇒ $ 3.60