A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600 tickets are sold. Findthe 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.)

Given information- No. of ticket = 600 P(wining $400) = 1/600 P(wining $80) = 3/600 Cost of ticket =…

Answered: A raffle offers a first prize of $400…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600 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.)