In a lottery 1000 tickets are sold at $0.35 each. There are 3 cash prizes: $130, $90, and $30. Alice buys 7 tickets. What would have been a fair price for a ticket? How much extra did Alice pay?

Round your answers to 2 decimal places.

Fair price is $ .

Alice paid $ in excess of the fair price.

Question

In a lottery 1000 tickets are sold at $0.35 each. There are 3 cash prizes: $130, $90, and $30. Alice buys 7 tickets. What would have been a fair price for a ticket? How much extra did Alice pay?

Round your answers to 2 decimal places.

Fair price is $ .

Alice paid $ in excess of the fair price.

anonymous · Answer

so, the lottery made $350 from selling the tickets. But the total prize money they are giving away is $(130+90+30) = $250
So, they made $100 in profit. 
So, the fair price would have been if they made no profit, that is, they sold 1000 tickets for $250.
which means, each ticket should have been a quarter. I'm sure you can work out how much extra alice paid after this.

anonymous · Answer

Amistre need some help on a long definite integral problem

amistre64 · Answer

a long one?  sounds laborious... sounds like the kinga integral that makes you wake up screamin' in the middle of the night drenched on a cold sweat.... ok :)

anonymous · Answer

yea for sure, definitely that kind. Its the kind where you use the limit of the Riemann sum