Please help! Correct answer only!
For a fundraiser, there is a raffle with 100 tickets. One ticket will win a $150 prize, and the rest will win nothing. If you have a ticket, what is the expected payoff?
I would say $0. There are 100 tickets and you only have one (1 / 100). This means you have a 1% chance of winning. Although you can still will, it is expected you won’t due to your percent chance. (The rest will win nothing)
