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In a raffle, one ticket out of 200200 will win a $650\$650 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

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Q. In a raffle, one ticket out of 200200 will win a $650\$650 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate Probability: question_prompt: What is the expected payoff for a raffle ticket?
  2. Calculate Expected Payoff for Winning: Calculate the probability of winning the prize: 11 chance out of 200200.\newlineProbability of winning = 1200\frac{1}{200}
  3. Perform Multiplication: Calculate the expected payoff for winning: $650\$650 prize times the probability of winning.\newlineExpected payoff for winning = $650×(1200)\$650 \times \left(\frac{1}{200}\right)
  4. Calculate Final Expected Payoff: Perform the multiplication to find the expected payoff. Expected payoff = $650∗0.005\$650 * 0.005
  5. Calculate Final Expected Payoff: Perform the multiplication to find the expected payoff.\newlineExpected payoff = $650×0.005\$650 \times 0.005 Calculate the final expected payoff.\newlineExpected payoff = $3.25\$3.25

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