Question

Please help! Correct answer only!

Answer 1

Answer:

" Expected Payoff " ⇒ $ 1.80 ; Type in 1.80

Step-by-step explanation:

Take the probability of winning into consideration;

$Total Number of Tickets - 500,\\Tickets 1 Person Can Enter - 1 Ticket,\\\\Probability of Winning - 1 / 500,\\Money Won - 900 Dollars,\\\\Proportionality - 1 / 500 = x / 900 - where, x = " Expected Payoff "\\1 / 500 = x / 900 - CrossMultiplication,\\\\500 * x = 900,\\x = 900 / 500,\\x = 1.80 Dollars Won!\\\\Conclusion ; x = 1.80 Dollars$

Solution ; " Expected Payoff " ⇒ $ 1.80