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Please help! Correct answers only!

There is a raffle with 200 tickets. One ticket will win a $550 prize, one ticket will win a $510 prize, one ticket will win a $280 prize, and the rest will win nothing. If you have a ticket, what is the expected payoff?

Please help Correct answers only There is a raffle with 200 tickets One ticket will win a 550 prize one ticket will win a 510 prize one ticket will win a 280 pr class=

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Answer:

" Expected Payoff " = $ 6.70

Step-by-step explanation:

Consider the steps below;

[tex]Probability of Winning the 550 Dollar Prize - 1 / 200,\\Probability * Money Won = " Expected Payoff " For The 550 Dollar Prize,\\\\1 / 200 * 550,\\" Expected Payoff " - 2.75 Dollars,\\\\Probability of Winning the 510 Dollar Prize - 1 / 200,\\\\1 / 200 * 510,\\" Expected Payoff " - 2.55 Dollars,\\\\Probability of Winning the 280 Dollar Prize - 1 / 200,\\\\1 / 200 * 280,\\" Expected Payoff " - 1.4 Dollars,\\\\[/tex]

[tex]Conclusion ; Expected Payoff = 6.70 Dollars[/tex]

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