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In a raffle, one ticket out of 200 will win a $980 prize, one ticket will win a $950 prize, one ticket will win a $270 prize, and one ticket will win a $260 prize. The remaining tickets will win nothing. If you have a ticket, what is the expected payoff?

Please help Correct answer only In a raffle one ticket out of 200 will win a 980 prize one ticket will win a 950 prize one ticket will win a 270 prize and one t class=

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Answer:

" Expected Payoff " - $ 12.30

Step-by-step explanation:

Consider the steps below;

[tex]Total Number of Tickets - 200 Tickets,\\Tickets Entered - 1 Ticket,\\\\Proportion - 1 / 200\\\\Amount Won ( First ) = 980 Dollars,\\Amount Won ( Second ) = 950 Dollars,\\Amount Won ( Third ) = 270 Dollars,\\Amount Won ( Fourth ) = 260 Dollars\\\\Proportionality ( First ) - 1 / 200 = x / 980,\\Proportionality ( Second ) - 1 / 200 = x / 950,\\Proportionality ( Third ) - 1 / 200 = x / 270,\\Proportionality ( Fourth ) - 1 / 200 = x / 260,\\\\1 / 200 = x / 980,\\200 * x = 980,\\x = 4.90,\\\\[/tex]

[tex]1 / 200 = x / 950,\\200 * x = 950,\\x = 4.75,\\\\1 / 200 = x / 270,\\200 * x = 270,\\x = 1.35,\\\\1 / 200 = x / 260,\\200 * x = 260,\\x = 1.3[/tex]

[tex]Conclusion ; " Expected Payoff " = 4.90 + 4.75 + 1.35 + 1.3 = 12.30[/tex]

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