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?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Feb 8, 2021 192k views

1 vote

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?

Please help! Correct answer only! For a fundraiser, there is a raffle with 50 tickets-example-1

Mathematics
high-school

Hagai Harari asked

by Hagai Harari

6.3k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

4 votes

Answer:

$ 3.60 ; Type in 3.60

Explanation:

Consider the steps below;

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