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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?


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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 class=

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Answer:

Expected Payoff ⇒ $ 1.50 ; Type in 1.50

Step-by-step explanation:

Considering that 1 out of the 100 tickets will have a probability of winning a 150 dollar prize, take a proportionality into account;

[tex]100 - Number of Tickets,\\1 - Number of Tickets You Can Enter,\\\\1 / 100 - Probability of Winning,\\$ 150 - Money Won,\\\\Proportionality - 1 / 100 = x / 150, where x - " Expected Payoff "\\\\1 / 100 = x / 150,\\100 * x = 150,\\\\Conclusion ; x = 1.5 dollars[/tex]

Thus, Solution ; Expected Payoff ⇒ $ 1.50

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