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In a raffle, one ticket will win a $410\$410 prize, and the other tickets will win nothing. There are 1,0001,000 in the raffle. If you have a ticket, what is the expected payoff?\newline$\$____

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Q. In a raffle, one ticket will win a $410\$410 prize, and the other tickets will win nothing. There are 1,0001,000 in the raffle. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate total prize money: Calculate the total prize money which is $410\$410 for one ticket.
  2. Find winning probability: Since there is only one prize, the probability of winning is 11000.\frac{1}{1000}.
  3. Calculate expected payoff: The expected payoff is calculated by multiplying the probability of winning by the prize amount.\newlineExpected payoff = Probability of winning ×\times Prize amount\newlineExpected payoff = 11000×$410\frac{1}{1000} \times \$410
  4. Perform calculation: Perform the calculation for the expected payoff.\newlineExpected payoff = $0.41\$0.41

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