SOLUTION: Tickets were $2 each.
57,444 tickets were sold.
202 prizes were given.
First prize was worth $2000. Second prize was worth $1500. Third prize was worth $1000. Fourth prize wa
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Question 1013962: Tickets were $2 each.
57,444 tickets were sold.
202 prizes were given.
First prize was worth $2000. Second prize was worth $1500. Third prize was worth $1000. Fourth prize was $995. Fifth prize was $990; sixth was $985 and so on with the value of each subsequent prize worth $5 less than the one before until the 202nd prize which was worth only $5.
How much profit was made after all the prizes were given out?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Tickets were $2 each.
57,444 tickets were sold.
202 prizes were given.
First prize was worth $2000. Second prize was worth $1500. Third prize was worth $1000. Fourth prize was $995. Fifth prize was $990; sixth was $985 and so on with the value of each subsequent prize worth $5 less than the one before until the 202nd prize which was worth only $5.
How much profit was made after all the prizes were given out?
:
Find the total amt received
2 * 57444 = $114,888
:
Find how much is left after 1st and 2nd prizes were paid
114888 - 2000 - 1500 = $111,388
:
Calculate the total amt of the remaining 200 prizes
Find the average pay out between the 3rd and 202th prize
= 502.5
Use this average to find the total of 200 payouts
200 * 502.5 = $100500 paid out
Find how much is left of the 111388 remaining after 1st and 2nd prizes are paid
111388 - 100500 = $10,888 profit
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