Question

Please help! Correct answers only!

Out of 100 tickets in a raffle, one ticket will win a $150 prize, one ticket will win a $130 prize, one ticket will win a $110 prize, and one ticket will win a $40 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

Answer: $4.30

Make a table as shown in the diagram below. X represents the winnings, P(X) is the probability of getting such winnings. The third column X*P(X) represents the product of the first two columns. After you figure out every value in the third column, you add everything up to get the final answer.

Answer 2

" Expected Payoff " = $ 4.30

Explanation:

Consider the steps below;

`Probability of Winning the 150 Dollar Prize - 1 / 100,\\Probability * Money Won =`

`1 / 100 * 40,\\`

Solution ; " Expected Payoff " = $ 4.30