A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing


  • 5 years ago

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.

  • This Question is Closed
  1. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Ok imagine Alice bought all 1000 tickets at 35 cents each, then it would cost her $350 but the most she can win is (130+90+30) or $250. This is what makes the price unfair, a fair price implies expected return of 0 or you pay out as much as you take in. So to solve for price use 1000*p = 250. Take that answer and subtract it from 0.35 to find out how much extra Alice paid.

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...


  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.