If you have a 1 in a thousand chance of winning $400, but 999 out of a thousand times you win nothing, what is your expected payoff

Step-by-step explanation:

Let be the probability of winning.

Let be the probability of loosing.

Given that we win once in thousand times.

So,

Since

Since we win noting if we loose,

expected payoff is product of probability of winning and the prize.

Let be the prize.

Given,

Expected payoff is

So,$ is the expected payoff each time.

we need more info to solve this

22 dimes and 9 nickels

step-by-step explanation: