contestada

Out of 250 tickets in a raffle, one ticket will win a $430 prize, one ticket will win a $290 prize, one ticket will win a $190 prize, and one ticket will win a $130 prize. The rest will win nothing. If you have a ticket, what is the expected payoff?

Respuesta :

The expected value is given by:

[tex]E(x)=\sum ^{}_{}xP(x)[/tex]

In this case we have:

[tex]\begin{gathered} E(x)=430(\frac{1}{250})+290(\frac{1}{250})+190(\frac{1}{250})+130(\frac{1}{250}) \\ =4.16 \end{gathered}[/tex]

Therefore the expected payoff is $4.16

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