In a lottery, 1000 tickets are sold at .25 each. there are 3 cash prizes: 100, 50, and 30. alice buys 5 tickets. what would be a

Question

sammy [17]

3 years ago

9

In a lottery, 1000 tickets are sold at .25 each. there are 3 cash prizes: 100, 50, and 30. alice buys 5 tickets. what would be a

fair price for a ticket

Mathematics

1 answer:

love history [14] · Answer 1 · 2022-07-14T09:03:05+03:00

love history [14]3 years ago

3 0

Total revenue generated by 1000 tickets = 1000*($0.25) = $250
Total amount paid in prices = 100 + 50 + 30 = $180
Profit for 1000 tickets = 250 - 180 = $70
Fair price per ticket = $70/1000 = $0.07

Answer: $0.07