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anonymous
 one year ago
Please Help
Suppose you purchase a raffle ticket for $1.00. First prize is $5,000, second prize is $1,000, and third prize is $500. If 500 tickets are sold, what should you expect to win or lose? Round the answer to the nearest cent.
$0.99 loss
$13.00 loss
$10.00 gain
$12.00 gain
anonymous
 one year ago
Please Help Suppose you purchase a raffle ticket for $1.00. First prize is $5,000, second prize is $1,000, and third prize is $500. If 500 tickets are sold, what should you expect to win or lose? Round the answer to the nearest cent. $0.99 loss $13.00 loss $10.00 gain $12.00 gain

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unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1So, let's model this shall we? First of all, how much is the total prize pool? Can you work that out for me?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0They are giving out $6,500 in prize money and $500 worth of tickets are sold??

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1That's right, but more importantly, we have 500 competitors.

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1Now of course, the correct answer is $0, since we don't expect to win anything from this single raffle draw. However, what I believe the question is asking.. "if we played the raffle an infinite number of times, how much would we win.. on average.. each time?". That's a much better way the question should be worded. So, to answer that. We must distribute $6500 among 500 competitors. So how much would each competitor win on average if they played the game an infinite number of time? (hint: $6500/500)

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1That's right. Now. what was our investment (or cost) to play each time?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so the answer is B.?

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1Nope, answer my question first.

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1Each time we play, we win $13 on average. But we have to pay to play. How much do we pay to play?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0it cost $1 to play each time

unknownunknown
 one year ago
Best ResponseYou've already chosen the best response.1Great. So if we pay $1 to win $13, what is our total profit each time?
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