One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and eachwill pay $204. Suppose you buy 5 tickets.(A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have anywinning tickets, you lose $5, if you have 1 winning ticket, you net $199 since your initial $5 will not be returned to you,and so on.)(B) What is the expected value of the raffle to you?(A) Let X be the random variable for the amount won on a single raffle ticket. Create a payoff table for 0, 1, 2, and 3winning tickets among the 5 tickets you purchased.X₁ - $5 $199 $403 $607Pi(Type an integer or decimal rounded to eight decimal places as needed.)

Given,the pay-off values of the tickets.To create a payoff table and calculate it's expected value…

Answered: (A) Create a payoff table for 0, 1, 2,…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Suppose you buy 1 ticket for $1 out of a lottery of 400 tickets with only 1 being the winning ticket. The prize for the one winning ticket is $100. What is your expected value in dollar? Round your value to 0.01 dollar. For example, -0.50 means losing half a dollar.
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