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Out of 500 tickets in a raffle, one ticket will win a $360 prize, one ticket will win a $260 prize, and one ticket will win a $60 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?

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Final answer

Expected payoff = 360 x 0.002 + 260 x 0.002 + 60 x 0.002

= 0.72 + 0.52 + 0.12

= 1.36

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