Question

Jeff’s school is selling raffle tickets for $1 each. Of all the money collected from the sale of tickets, 80% will go to a scholarship fund, and 20% will go to the winner of the raffle. Jeff bought 5 of the 750 raffle tickets sold. What is the expected payoff for Jeff when playing the raffle?
A) –$4, which means that Jeff can expect to lose $4
B) –$1, which means that Jeff can expect to lose $1
C) –$0.80, which means that Jeff can expect to lose $0.80
D) –$4, which does not mean that Jeff can expect to lose $4 – only that he could expect to lose $4 on average if the same scenario repeat

Answer 1

@3mar

Answer 2

Hello!

Answer 3

Any ideas?

Answer 4

@3mar i have none XD

Answer 5

"Jeff’s school is selling raffle tickets for $1 each."
"Jeff bought 5 of the 750 raffle tickets sold."

What can you deduce from these two sentences?

Answer 6

he spent $5

Answer 7

5/750 ?

Answer 8

Nice, it has spent 5$, but she has earned how much?

Answer 9

not sure what to put...

Answer 10

she has sold 750 tickets, and 1$ for each., so she had 750$

Does it make sense?

Answer 11

yes

Answer 12

but the school sold the tickets, jeff bought 5... if you worded it wrong :D

Answer 13

Oh you are right

Answer 14

:D

Answer 15

80% of 750=600$
20% of 750=150$

right?

Answer 16

right!

Answer 17

Now..."What is the expected payoff for Jeff when playing the raffle?"

What do you think?

Answer 18

Time for pray - 35 min - Salam!

Answer 19

The anwser is c

Answer 20

@3mar sorry im back

Answer 21

doesn't he already lose a dollar for each ticket he paid for

Answer 22

i was looking at B, unless C is really the answer

Answer 23

@Roo777x
Did you get what you were looking for?

Answer 24

as in the answer?

Answer 25

yes?

Answer 26

@Mrs.ambrose614
why do you think it is C?

Can you explain to us?

Answer 27

@zepdrix
If you could help here, I would be grateful!

Answer 28

@KJSaif
Can you help out here?

Thanks in advance.