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In a raffle, one ticket out of 125125 will win a $440\$440 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

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Q. In a raffle, one ticket out of 125125 will win a $440\$440 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate Probability: Calculate the probability of winning the prize. There's 11 chance to win among 125125 tickets.\newlineProbability of winning = 1125\frac{1}{125}
  2. Determine Prize Value: Determine the value of the prize for the winning ticket. The prize is $440\$440.\newlineValue of winning = $440\$440
  3. Calculate Expected Payoff: Calculate the expected payoff. Expected payoff is the product of the probability of winning and the value of the prize.\newlineExpected payoff = Probability of winning ×\times Value of winning\newlineExpected payoff = 1125×$440\frac{1}{125} \times \$440
  4. Perform Multiplication: Perform the multiplication to find the expected payoff.\newlineExpected payoff = $440/125\$440 / 125\newlineExpected payoff = $3.52\$3.52

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