Question

Raffle tickets are sold and 6 prizes are available for the lucky draw. A total of 1,356 raffle tickets are sold for 4/5 dollars each and the 6 prizes cost 8 3/10 each. How much money was raise from the raffle tickets?

Answer 1

US$ 1,084.80 were raised from the raffle tickets and US$ 1,035 are the profits after paying the prizes.

Explanation:

1. Let's review the data given to us for solving the question:

Number of raffle tickets sold = 1,356

Cost of each raffle ticket = US$ 4/5

Number of prizes = 6

Cost of each prize = US$ 8 3/10

2. How much money was raised from the raffle tickets?

For easier calculation, let's convert the fraction numbers to decimal numbers:

Cost of each raffle ticket = US$ 4/5 = US$ 0.80

Cost of each prize = US$ 8 3/10 = US$ 8 + 0.30 = US$ 8.30

Now, we use this formula to calculate how much money was raised and the profits:

Profits = (Number of tickets sold * Cost of each ticket) - (Number of prizes * Cost of each prize)

Replacing with the real values, we have:

Profits = 1,356 * 0.80 - 6 * 8.30

Profits = 1,084.80 - 49.80

Profits = 1,035

US$ 1,084.80 were raised from the raffle tickets and US$ 1,035 are the profits after paying the prizes.