A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the

Question

3 years ago

13

A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the

m had to withdraw because of lack of funds, causing the share of the remaining professors to increase by $2.40. How much is the cost of the ticket (in dollars)

Business

1 answer:

Bogdan [553] · Answer 1 · 2021-12-17T20:31:36+03:00

Answer:

Total cost of Ticket = $96

Explanation:

Provided information,

Total number of people buying lottery ticket in a joint contribution = 10

Two people withdraw being short of funds, therefore people buying such ticket = 8

Revised share increase by $2.40 each.

Total increase = $2.40 $\times$ 8 = $19.20

Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60

Therefore, total cost of ticket = $9.60 $\times$ 10 = $96