Question

Please help! Correct answers only!

There is a raffle with 200 tickets. One ticket will win a $550 prize, one ticket will win a $510 prize, one ticket will win a $280 prize, and the rest will win nothing. If you have a ticket, what is the expected payoff?

Answer 1

" Expected Payoff " = $ 6.70

Explanation:

Consider the steps below;

`Probability of Winning the 550 Dollar Prize - 1 / 200,\\Probability * Money Won =`

`Conclusion ; Expected Payoff = 6.70 Dollars`