Answered

Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

There is a raffle with 200 tickets. One ticket will win a $240 prize, three tickets will win a $90 prize, eight tickets will win a $50 prize, and the other tickets will win nothing. If you have a ticket, what is th expected payoff?

Sagot :

Teshawn, this is the solution:

As we had this same question before, the expected payoff is:

1/200 * 240 + 3/200 * 90 + 8/200 * 50 + 188/200 * 0

1.2 + 1.35 + 2 + 0

Therefore, the expected payoff for a raffle ticket is $ 4.55

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.