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Vladimir [108]
3 years ago
5

Please help! Correct answer only!

Mathematics
1 answer:
finlep [7]3 years ago
4 0

Answer:

<em>" Expected Payoff " ⇒ $ 0.830</em>

Step-by-step explanation:

Consider the probability of entering 1 ticket out of the 1000 entered;

Total Tickets Entered - 1000 Tickets,\\Prize Won - 830 Dollars,\\Number of Tickets One Can Enter - 1 Ticket,\\\\Probability of Winning - 1 / 1000,\\Proportionality - 1 / 1000 = x / 830, If x = " Expected Payoff ",\\\\1 / 1000 = x / 830 - Cross Multiplication ,\\1000 * x = 830,\\x = 830 / 1000 = 0.830\\\\Conclusion ; x = 0.83

<em>Solution ; " Expected Payoff " ⇒ $ 0.830 ( might or might not include 0 at end )</em>

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