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There is a raffle with 200 tickets. One ticket will win a $430 prize, four tickets will win a $80 prize, six tickets will win a $40 prize, and the other tickets will win nothing. If you have a ticket, what is the expected payoff?

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Please help! Correct answer only! There is a raffle with 200 tickets. One ticket will win a $430 prize, four tickets will win a $80 prize, six tickets will win class=

Answer :

Answer:

$ 30.25

Step-by-step explanation:

Consider adding these winning values, in addition to the number of tickets for each as well;

[tex]Total Money That Could Be Won - 430 + 80 + 40 = 550 Dollars,\\Number of Tickets Corresponding To Money Won - 1 + 4 + 6 = 11 Tickets,\\\\Total Tickets - 200 Tickets,\\\\Probability Of Winning - 11 / 200 = 0.055,\\Proportionality - 0.055 = x / 550,\\\\0.055 = x / 550,\\x = 0.055 * 550,\\x = 30.25 Dollars\\\\Conclusion ; x = 30.25[/tex]

Solution ; " Expected Payoff " = 30.25 Dollars

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