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

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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

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