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There is a raffle for a $410\$410 prize. Out of 500500 tickets, one ticket will win the prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

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Q. There is a raffle for a $410\$410 prize. Out of 500500 tickets, one ticket will win the prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate Probability: question_prompt: What is the expected payoff for a single raffle ticket?
  2. Calculate Expected Payoff for Winning: Step 11: Calculate the probability of winning the prize.\newlineProbability of winning = Number of winning tickets / Total number of tickets\newlineProbability of winning = 1500\frac{1}{500}
  3. Calculate Expected Payoff for Not Winning: Step 22: Calculate the expected payoff for winning.\newlineExpected payoff for winning = Probability of winning * Prize amount\newlineExpected payoff for winning = 1500\frac{1}{500} * $410\$410
  4. Calculate Total Expected Payoff: Step 33: Calculate the expected payoff for not winning.\newlineSince there's no prize for not winning, the expected payoff for not winning is $0\$0.
  5. Calculate Total Expected Payoff: Step 33: Calculate the expected payoff for not winning.\newlineSince there's no prize for not winning, the expected payoff for not winning is $0\$0. Step 44: Add the expected payoffs for winning and not winning to get the total expected payoff.\newlineTotal expected payoff = Expected payoff for winning + Expected payoff for not winning\newlineTotal expected payoff = 1500∗$410\frac{1}{500} * \$410 + \$\(0\)\(\newline\)Total expected payoff = \$\(0\).\(82\)

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