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here is a raffle with 500 tickets. One ticket will win a $960 prize, and the rest will win nothing. If you ave a ticket, what is the expected payoff?

Answer :

The expected value is a measure of what you should expect to win per game in the long run. Divide the total prize over the number of tickets to find the expected payoff:

[tex]\frac{960}{500}=1.92[/tex]

Therefore, the expected payoff is:

[tex]1.92[/tex]

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