Question

@dumbcow
In a lottery, there are 2 000 000
tickets to be sold. The prizes are as follows:
1x$1000000
5x$50000
10x$1000
50x$50
What should the lottery operators charge
per ticket in order to make a 40% profit?

Answer 1

a

Answer 2

not quite sure what the 40% is referring to

profit =sales - prizes
\[\text{profit} = 2,000,000 x - 1,262,500\]

Answer 3

Yea thats what i dont get

Answer 4

I think its revenue

Answer 5

hmm ok lets just base it on the prize money then
if they give the tickets away they lose 100% of their money

so set profit as 40% of total prize money, then solve for x

Answer 6

the answer in the book is $1.05

Answer 7

I keep getting 88 cents

Answer 8

This is what someone else did but i dont under stand why 60% of revenue is the prize money
40% of what? Cost, or revenue?
prize money = 1,000,000×1 + 50,000×5 + 10,000×10 + 50×50 = 1,252,500
prize money = 60% of revenue
revenue = 1,252,500/60% = 2,104,167
2,104,167 dollars/2,000,000 tickets = 1.052083 dollars/ticket
https://ca.answers.yahoo.com/question/index?qid=20131129082240AAXx5sD

Answer 9

can you explain if you get how they got it?

Answer 10

oh ok now i get it... what they mean is that 40% profit refers to money they keep after giving out prize money

so they keep 40% of revenue and give out 60%

Answer 11

\[(.6)(2,000,000 x) = 1,262,500\]

Answer 12

oh okay, i c

Answer 13

Thanks for explaining :)

Answer 14

no problem