Given that: There is a raffle with 250 tickets. One ticket will win a $320 prize, one ticket will win a $240 prize, one ticket will win a $180 prize, one ticket will win a $100 prize, and the remaining tickets will win nothing.
The expected payoff will be:
[tex]\begin{gathered} EV=\frac{1}{250}(320)+\frac{1}{250}(240)+\frac{1}{250}(180)+\frac{1}{250}(100)+\frac{246}{250}(0) \\ EV=\frac{320+240+180+100}{250} \\ EV=\frac{840}{250} \\ EV=3.36 \end{gathered}[/tex]So the expected payoff will be $3.36.
