KyR451533 KyR451533

26-10-2022
Mathematics

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At a carnival, there is a raffle with 250 tickets. One ticket will win a $260 prize, nine tickets will win a $30 prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?

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AarushA4290 AarushA4290

26-10-2022

we get that the expected payoff is $2.12

[tex]E(X)=260\cdot\frac{1}{250}+30\cdot\frac{9}{250}+0\cdot\frac{240}{250}=2.12[/tex]

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