Final answer:
There are 221,760 ways to draw three names for the first prize, second prize, and third prize in the raffle.
Step-by-step explanation:
The number of ways three names can be drawn for first prize, second prize, and third prize in the raffle can be calculated using the concept of combinations. Since there are 112 people and we want to select 3 names, we can use the formula for combinations, which is given by the expression nCr = n! / (r!(n-r)!), where n is the total number of people and r is the number of names we want to select.
Using this formula, we can calculate the number of ways as follows:
nCr = 112! / (3!(112-3)!) = (112*111*110) / (3*2*1) = 221,760
Therefore, there are 221,760 ways to draw three names for the first prize, second prize, and third prize in the raffle.