A raffle offers a first prize of $500 and 3 second prizes of $80 each. One ticket costs $1, and 400 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game? The expected payback for a person who buys 1 ticket is $. (Round to two decimal places as needed.)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section: Chapter Questions
Problem 10PTTS
icon
Related questions
Question
8.5 Q8 pt1) Hey! I need help with this question, it states to round to two decimal places as needed, thank you!
K
A raffle offers a first prize of $500 and 3 second prizes of $80 each. One ticket costs $1, and 400 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game?
The expected payback for a person who buys 1 ticket is $
(Round to two decimal places as needed.)
Transcribed Image Text:K A raffle offers a first prize of $500 and 3 second prizes of $80 each. One ticket costs $1, and 400 tickets are sold. Find the expected payback for a person who buys 1 ticket. Is this a fair game? The expected payback for a person who buys 1 ticket is $ (Round to two decimal places as needed.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell