SOLUTION: ) A local charity sells 100 raffle tickets for $20 each as part of a fund raiser. There is one Grand Prize of $500, one First Prize of $100, and 8 Second Prizes of $50. Find the

SOLUTION: ) A local charity sells 100 raffle tickets for $20 each as part of a fund raiser. There is one Grand Prize of $500, one First Prize of $100, and 8 Second Prizes of $50. Find the

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Question 359692: ) A local charity sells 100 raffle tickets for $20 each as part of a fund raiser. There is one Grand Prize of $500, one First Prize of $100, and 8 Second Prizes of $50. Find the expected winnings per ticket sold
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
100*20=2,000 Gross income from raffle
.
500+100+8*50=1,000 prize money.
1/100 * 1000 = $10 expected winnings on each ticket sold.
.
Ed
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