Question

Please help! Correct answer only!

Answer 1

Answer:

Expected Payoff ⇒ $ 1.50 ; Type in 1.50

Step-by-step explanation:

Considering that 1 out of the 100 tickets will have a probability of winning a 150 dollar prize, take a proportionality into account;

$100 - Number of Tickets,\\1 - Number of Tickets You Can Enter,\\\\1 / 100 - Probability of Winning,\\ 150 - Money Won,\\\\Proportionality - 1 / 100 = x / 150, where x - " Expected Payoff "\\\\1 / 100 = x / 150,\\100 * x = 150,\\\\Conclusion ; x = 1.5 dollars$

Thus, Solution ; Expected Payoff ⇒ $ 1.50