Question

You choose to participate in a raffle. Raffle tickets sell for $5 each and there are a total of 10,000 tickets. The prizes in this raffle are:

1st prize: $20,000 college scholarship (1 winner)
2nd prize: $10,000 college scholarship (2 winners)
3rd prize: $1,000 college scholarship (5 winners)
4th prize: $100 college scholarship (50 winners)

You purchase one $5 raffle ticket. How much of your college tuition can you expect to be paid for by your raffle tickets purchase?

Answer 1

@ganeshie8

Answer 2

@satellite73

Answer 3

HI!!

Answer 4

there is a probability way to do this
but there is another easy way too

Answer 5

buy ALL the tickets
how much do you spend?

Answer 6

all the tickets would cost $50,000

Answer 7

right
how much money do you get back? in total?

Answer 8

@iambatman yea how did you guess?

Answer 9

$50,000 in scholarships?

Answer 10

hmm no lets add up all the prize money

Answer 11

\[20,000+20,000+3000+400=43,400\]

Answer 12

you spend \(50,000\) you get back \(43,400\) if my arithmetic is correct, for a net loss of
\[43400-50000=6600\]

Answer 13

average that over the \(10,000\) tickets and get
\[-\frac{6600}{10000}\]

Answer 14

or \(-.66\) i.e. you expect to lose \(.66\) per ticket

Answer 15

so they only lose 66 cents? The answer choices I'm given are:
A. -$10.20
B. $5.00
C. $4.56
D.-$3.72
E. $100

Answer 16

maybe my arithmetic was bad
let me start again

Answer 17

i see, it was the wording of the question
you pay $5, you lose \(.66\) so they are saying it is \(\$4.54\)

Answer 18

that is the net loss of \(.66\)

Answer 19

But how do i get from 66 cents to a much higher number? because the answers are much bigger numbers?

Answer 20

not sure what you mean
you expect to lose 66 cents per ticket, making your $5 ticket worth \(5.00-.66=\$4.54\)

Answer 21

hmm im not sure why its not one of the answers then :(