document.write( "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? \n" ); document.write( "

Algebra.Com's Answer #257115 by neatmath(302) $\"\"$ $\"About$

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:
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\n" ); document.write( "\n" ); document.write( " $\"1000%2At=4000%2B500%2B100\"$
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\n" ); document.write( "\n" ); document.write( " $\"1000t=4600\"$
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\n" ); document.write( "\n" ); document.write( " $\"t=4.6\"$
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\n" ); document.write( "\n" ); document.write( "So in this case, you would have a fair game if each of the 1000 tickets cost $4.60.
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\n" ); document.write( "\n" ); document.write( "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!
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\n" ); document.write( "\n" ); document.write( "I hope this helps!
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