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Out of 125125 tickets in a raffle, one ticket will win a $140\$140 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____

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Full solution

Q. Out of 125125 tickets in a raffle, one ticket will win a $140\$140 prize. The other tickets will win nothing. If you have a ticket, what is the expected payoff?\newline$\$____
  1. Calculate Probability: Calculate the probability of winning the prize. There's 11 winning ticket out of 125125.\newlineProbability of winning = 1125\frac{1}{125}
  2. Calculate Expected Payoff: Calculate the expected payoff for winning. Since the prize is $140\$140, and the probability of winning is 1125\frac{1}{125}, multiply these together.\newlineExpected payoff for winning = 1125×$140\frac{1}{125} \times \$140
  3. Perform Multiplication: Perform the multiplication to find the expected payoff for winning.\newlineExpected payoff for winning = $1.12\$1.12

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