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In a raffle, one ticket out of 500 will win a $570 prize, and one ticket will win a $550 p The other tickets will win nothing. If you have a ticket, what is the expected payoff?…

In a raffle, one ticket out of 500 will win a $570 prize, and one ticket will win a $550 p The other tickets will win nothing. If you have a ticket, what is the expected payoff?…
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3 votes
In a raffle, one ticket out of 500 will win a $570 prize, and one ticket will win a $550 p The other tickets will win nothing. If you have a ticket, what is the expected payoff?

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User Zeacuss
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7.8k points

1 Answer

4 votes

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answered
User Kaushik Roy
by
9.0k points
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