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26)
Jeff's school is selling raffle tickets for $1 each. Of all the money collected from the sale of raffle tickets, 80% will go
to a scholarship fund, and 20% will go to the winner of the raffle. Jeff boughts of the 750 raffle tickets sold. What is
the expected payoff for Jeff when playing the raffle, and what does it mean?
A)
-$4, which means that Jeff can expect to lose $4
B)
- $1, which means that Jeff can expect to lose $1
C)
-$0.80, which means that Jeff can expect to lose $0.80
D)
-$4, which does not mean that Jeff can expect to lose $4 - only that he
could expect to lose $4 on average if the same scenario were repeated
many times
- $1, which does not mean that Jeff can expect to lose $1 - only that he
could expect to lose $1 on average if the same scenario were repeated
E)
many times
no