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.)

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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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.)
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