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28-10-2022
Mathematics

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There is a raffle for a $860 prize. Out of 500 tickets, one ticket will win the prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?

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AminahD730405 AminahD730405

28-10-2022

Given that 1 out of 500 tickets will win, the probability of winning is 1/500

The expected payoff is calculated as follows:

winning probability x prize = 1/500 x 860 = $1.72

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