Resourcesdown chevron
Testimonials
Plans
Sign in
Sign up
Resourcesright arrow
Testimonials
Plans
Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

There is a raffle for a $770\$770 prize. Out of 200200 tickets, one ticket will win the prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

View step-by-step helpView step-by-step help
Homeright chevron icon
Math Problemsright chevron icon
Precalculusright chevron icon
Expected values for a game of chanceright chevron icon

Full solution

Q. There is a raffle for a $770\$770 prize. Out of 200200 tickets, one ticket will win the prize, and the remaining tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate Probability: Calculate the probability of winning the prize. There's 11 winning ticket out of 200200.\newlineProbability of winning = 1200\frac{1}{200}
  2. Calculate Expected Payoff: Calculate the expected payoff for winning. Since the prize is $770\$770, and the probability of winning is 1200\frac{1}{200}, multiply these together.\newlineExpected payoff for winning = $770×(1200)\$770 \times \left(\frac{1}{200}\right)
  3. Perform Calculation: Perform the calculation for the expected payoff for winning.\newlineExpected payoff for winning = $770/200\$770 / 200\newlineExpected payoff for winning = $3.85\$3.85
  4. Calculate Expected Payoff: Since there is no monetary gain from losing tickets, the expected payoff for losing is $0\$0.
  5. Add Total Expected Payoff: Add the expected payoff for winning and losing to get the total expected payoff for a ticket.\newlineTotal expected payoff = $3.85\$3.85 + $0\$0\newlineTotal expected payoff = $3.85\$3.85

More problems from Expected values for a game of chance

Question
A restaurant server claims that \(28\)% of the time he leaves candy with the bill, the customer tips well. \newlineIf the server's claim is true, and one day he leaves candy with \(4\) customers' bills, what is the probability that exactly \(3\) of those customers will tip well?\newlineWrite your answer as a decimal rounded to the nearest thousandth.
Get tutor helpright-arrow

Posted 7 months ago

Question
There is a spinner with `50` equally likely sections, numbered from `1` to `50`. You have the opportunity to spin it. If the number is odd, you win $`11`. If the number is even, you win nothing. If you play the game, what is the expected payoff?\(\$\)_____
Get tutor helpright-arrow

Posted 9 months ago

Question
There are two different raffles you can enter.\newlineIn raffle A, one ticket will win a `$720` prize, and the other tickets will win nothing. There are 1,0001,000 in the raffle, each costing `$11`.\newlineRaffle B is for a `$370` prize. Out of 125125 tickets, each costing `$5`, one ticket will win the prize, and the other tickets will win nothing.\newlineWhich raffle is a better deal?\newlineChoices:\newline[A]Raffle A\text{[A]Raffle A}\newline[B]Raffle B\text{[B]Raffle B}
Get tutor helpright-arrow

Posted 8 months ago

Question
XX is a normally distributed random variable with mean 4949 and standard deviation 2525.\newlineWhat is the probability that XX is between 2424 and 7474??\newlineUse the 0.68−0.95−0.9970.68-0.95-0.997 rule and write your answer as a decimal. Round to the nearest thousandth if necessary.\newline____
Get tutor helpright-arrow

Posted 9 months ago

Question
XX is a normally distributed random variable with mean 6565 and standard deviation 88.\newlineWhat is the probability that XX is between 6262 and 6868??\newlineWrite your answer as a decimal rounded to the nearest thousandth.\newline____
Get tutor helpright-arrow

Posted 9 months ago

Question
Complete the statement. Round your answer to the nearest thousandth.\newlineIn a population that is normally distributed with mean 4343 and standard deviation 33, the bottom 30%30\% of the values are those less than ______.
Get tutor helpright-arrow

Posted 9 months ago

Question
Y Y is the number of desserts available in a randomly chosen restaurant.\newlineIs the random variable Y Y discrete or continuous?\newlineChoices:\newline[A]discrete \text{[A]discrete} \newline[B]continuous \text{[B]continuous}
Get tutor helpright-arrow

Posted 9 months ago

Question
Which of the following functions are continuous for all real numbers?\newlineg(x)=ln⁡(x) g(x)=\ln (x) \newlinef(x)=1x f(x)=\frac{1}{x} \newlineChoose 11 answer:\newline(A) g g only\newline(B) f f only\newline(C) Both g g and f f \newlineD Neither g g nor f f
Get tutor helpright-arrow

Posted 9 months ago

Question
Which of the following functions are continuous at x=−1 x=-1 ?\newlineg(x)=sin⁡(x+1) g(x)=\sin (x+1) \newlinef(x)=1x−1 f(x)=\frac{1}{x-1} \newlineChoose 11 answer:\newline(A) g g only\newline(B) f f only\newline(C) Both g g and f f \newline(D) Neither g g nor f f
Get tutor helpright-arrow

Posted 8 months ago

Question
Let g g be a continuous function on the closed interval [−1,4] [-1,4] , where g(−1)=−4 g(-1)=-4 and g(4)=1 g(4)=1 .\newlineWhich of the following is guaranteed by the Intermediate Value Theorem?\newlineChoose 11 answer:\newline(A) g(c)=−3 g(c)=-3 for at least one c c between −1-1 and 44\newline(B) g(c)=3 g(c)=3 for at least one c c between −4-4 and 11\newline(C) g(c)=−3 g(c)=-3 for at least one c c between −4-4 and 11\newline(D) g(c)=3 g(c)=3 for at least one c c between −1-1 and 44
Get tutor helpright-arrow

Posted 8 months ago

View all (23)

Related topics

Algebra - Order of OperationsAlgebra - Distributive Property`X` and `Y` AxesGeometry - Scalene TriangleCommon MultipleGeometry - Quadrant