Answer:
" Expected Payoff " ⇒ $ 1.56 ; Type in 1.56
Step-by-step explanation:
Consider the steps below;
[tex]Tickets That Can Be Entered - 1 Ticket,\\Total Tickets Entered - 1000 Tickets,\\\\Proportion - 1 / 1000,\\Money One ( First Ticket ) = 820 Dollars,\\Money One ( Second Ticket ) = 740 Dollars,\\\\Proportionality ( First ) - 1 / 1000 = x / 820,\\Proportionality ( Second ) - 1 / 1000 = x / 740\\\\1 / 1000 = x / 820,\\1000 * x = 820,\\x = 820 / 1000,\\x = 0.82,\\\\1 / 1000 = x / 740,\\1000 * x = 740,\\x = 740 / 1000,\\x = 0.74\\\\Conclusion ; " Expected Payoff " = 0.82 + 0.74 = 1.56[/tex]
Solution; " Expected Payoff " ⇒ $ 1.56
