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At a carnival, there is a raffle with 1,0001,000 tickets. One ticket will win a $440\$440 prize, and the other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

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Q. At a carnival, there is a raffle with 1,0001,000 tickets. One ticket will win a $440\$440 prize, and the other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate probability of winning: Calculate the probability of winning the prize. Since there is only one winning ticket out of 1,0001,000, the probability of winning is 11,000\frac{1}{1,000}.
  2. Calculate expected payoff: Calculate the expected payoff for the winning ticket. The expected payoff is the prize amount times the probability of winning, which is $440×11,000\$440 \times \frac{1}{1,000}.
  3. Perform multiplication: Perform the multiplication to find the expected payoff: $440×0.001=$0.44\$440 \times 0.001 = \$0.44.

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