Answer:
" Expected Payoff " ⇒ $ 0.830
Step-by-step explanation:
Consider the probability of entering 1 ticket out of the 1000 entered;
[tex]Total Tickets Entered - 1000 Tickets,\\Prize Won - 830 Dollars,\\Number of Tickets One Can Enter - 1 Ticket,\\\\Probability of Winning - 1 / 1000,\\Proportionality - 1 / 1000 = x / 830, If x = " Expected Payoff ",\\\\1 / 1000 = x / 830 - Cross Multiplication ,\\1000 * x = 830,\\x = 830 / 1000 = 0.830\\\\Conclusion ; x = 0.83[/tex]
Solution ; " Expected Payoff " ⇒ $ 0.830 ( might or might not include 0 at end )
