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Out of 250 tickets in a raffle, one ticket will win a $980 prize, one ticket will win a $680 prize, and one ticket will win a $470 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?

Respuesta :

The expected value is given as:

[tex]E(x)=\sum ^{}_{}xP(x)[/tex]

then in this case we have:

[tex]\begin{gathered} E(x)=980(\frac{1}{250})+680(\frac{1}{250})+470(\frac{1}{250}) \\ =8.52 \end{gathered}[/tex]

therefore the expected payoff is $8.52

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