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Please help! Correct answers only!

Out of 100 tickets in a raffle, one ticket will win a $150 prize, one ticket will win a $130 prize, one ticket will win a $110 prize, and one ticket will win a $40 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

Respuesta :

Answer:

" Expected Payoff " = $ 4.30

Step-by-step explanation:

Consider the steps below;

[tex]Probability of Winning the 150 Dollar Prize - 1 / 100,\\Probability * Money Won = " Expected Payoff " For The 150 Dollar Prize,\\\\1 / 100 * 150,\\" Expected Payoff " - 1.5 Dollars,\\\\Probability of Winning the 130 Dollar Prize - 1 / 100,\\\\1 / 100 * 130,\\" Expected Payoff " - 1.3 Dollars,\\\\Probability of Winning the 110 Dollar Prize - 1 / 100,\\\\1 / 100 * 110,\\" Expected Payoff " - 1.1 Dollars,\\\\Probability of Winning the 40 Dollar Prize - 1 / 100,\\\\[/tex]

[tex]1 / 100 * 40,\\" Expected Payoff " - 0.4 Dollars,\\\\Conclusion ; " Expected Payoff " = 1.5 + 1.3 + 1.1 + 0.4 = 4.30 Dollars[/tex]

Solution ; " Expected Payoff " = $ 4.30

Answer:  $4.30

Make a table as shown in the diagram below. X represents the winnings, P(X) is the probability of getting such winnings. The third column X*P(X) represents the product of the first two columns. After you figure out every value in the third column, you add everything up to get the final answer.

Ver imagen jimthompson5910