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?

1 answer
Question:

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?

Answers

Answer: $142,000Explanation: $710 x $200 = $142,000

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