Question

A raffle is being held to benefit the local animal shelter. They sell 721 tickets that do not win any prize, 12 tickets that win a free adoption (valued at $20), and one ticket that wins $116 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?

Answer 1

$4.52 /ticket

Explanation:

There are 3 type of ticket here:

721 pcs of no reward tricker

12 pcs of $20 reward

1 pcs of $116 reward

Total reward that need to be by the shelter will be: 721*0$ + 12* $20 + 1*$116= $356

Total number of ticket that the shelter sell will be 721 +12 +1= 734 tickets

The shelter sell 734 tickets at 5$ per ticket so their total earnings will be: 734* 5$= 3670$

The total revenue will be 3670$ -$356= $3314

If there are 734 tickets sold, then revenue per ticket= $3314 /732= $4.52 /ticket