Final answer:
Costas should receive $700 and Sheila should receive $300 from the $1000 grand prize, as they contributed to the price of the raffle ticket in a 70:30 ratio.
Step-by-step explanation:
To determine how much money Costas and Sheila should each receive if they win the grand prize in the raffle, we need to calculate the proportion of the total $5.00 they each contributed.
Costas contributed $3.50, and Sheila contributed $1.50. So, their total contribution is $5.00 ($3.50 + $1.50).
The proportion of the contribution for Costas is $3.50/$5.00, which simplifies to 7/10 or 0.7 (70%). The proportion for Sheila is $1.50/$5.00, which simplifies to 3/10 or 0.3 (30%).
Therefore, if they win the $1000 grand prize:
- Costas should receive 70% of $1000, which is 0.7 × $1000 = $700.
- Sheila should receive 30% of $1000, which is 0.3 × $1000 = $300.