SOLUTION: in a raffle 1000 tickets are sold there is a grand prize of 4000.00 a second prize of 500.00 and a third prize of 100.00 what ticket price would make this game fair?

Question 360267: in a raffle 1000 tickets are sold there is a grand prize of 4000.00 a second prize of 500.00 and a third prize of 100.00 what ticket price would make this game fair?
Answer by neatmath(302) (Show Source): You can put this solution on YOUR website!
This one should be fairly easy. A "fair" game would be one in which the total winnings equal the total cost to play. Thus, we can set up an equation with t being the unknown ticket price:

So in this case, you would have a fair game if each of the 1000 tickets cost $4.60.

However, in real life, especially in charity raffles, you would never expect a truly fair game, so if they sold the tickets for 5 dollars, 10 dollars, or even 50 dollars apiece, I would not be surprised!

I hope this helps!

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