Question 1167567:
A raffle is being held to benefit the local animal shelter. They sell 971 tickets that do not win any prize, 17 tickets that win a free adoption (valued at $20), and one ticket that wins $134 worth of pet supplies and toys. If they are selling the tickets for $5 each, how much should the shelter expect to earn for each ticket sold?
Round to the nearest cent, as needed.
Answer by VFBundy(438)   (Show Source):
You can put this solution on YOUR website! 971 tickets lose $5. So, that's $4855 gained for the shelter.
17 tickets win a NET of $15. (The adoption is a $20 value, but you have to remember that the winners still paid $5 each for their tickets, so the net gain for each winner is only $15.) Anyway...17 tickets win $15, so that's $255 "lost" for the shelter.
One ticket wins a NET of $129. (Same as above. The prize is $134, but the person still paid $5 for their ticket.) So, that's $129 "lost" for the shelter.
The total gains are $4855 and the the total losses are $384. That means the shelter netted $4471.
Since there were 989 total tickets sold and the total netted was $4471, the shelter should expect to earn $4.52 per ticket sold. ($4471 divided by 989 is $4.52.)
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