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Out of 1,000 tickets in a raffle, one ticket will win a $710 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

Out of 1,000 tickets in a raffle, one ticket will win a $710 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?
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1 vote
Out of 1,000 tickets in a raffle, one ticket will win a $710 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

asked
User Cenza
by
8.4k points

1 Answer

4 votes
Answer: $142,000
Explanation: $710 x $200 = $142,000
answered
User InsatiableTraveller
by
8.1k points
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