Question

In a raffle, one thousand tickets are sold. There is a grand prize of $ 6 comma 000$6,000, a second prize of $ 500$500, and a third prize of $100. Winners do not have their ticket costs refunded to them. What ticket price would make this game fair?

Name: in a raffle one thousand tickets are sold there is a grand prize of 6 comma 0006000 a second prize of 500500 and a third prize of 100 winners do not have their ticket costs refunded to them 43292
Uploaded: 2023-03-03T08:06:39-08:00
Duration: 1 min 33 s
Channel: Supreeta N
Description: in a raffle one thousand tickets are sold there is a grand prize of 6 comma 0006000 a second prize of 500500 and a third prize of 100 winners do not have their ticket costs refunded to them 43292

          In a raffle, one thousand tickets are sold. There is a grand prize of 
$ 6 comma 000$6,000,
a second prize of 
$ 500$500,
and a third prize of $100. Winners do not have their ticket costs refunded to them. What ticket price would make this game fair?

Added by Sara T.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Supreeta N

03/03/2023

Step 1

Since there are 1,000 tickets sold, if we let the ticket price be $ p $, the total revenue is: \[ \text{Total Revenue} = 1000 \times p \] Show more…

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In a raffle, one thousand tickets are sold. There is a grand prize of $ 6 comma 000$6,000, a second prize of $ 500$500, and a third prize of $100. Winners do not have their ticket costs refunded to them. What ticket price would make this game fair?