Question

A raffle is going to be held in which the winner will get $200. If 1000 tickets are to be sold, what is the fair

price for a ticket?

Answer 1

$5

Explanation:

1000/200=5

Answer 2

20 cents.

Explanation:

A fair price would be 200/1000 = 1/5 of a dollar which is 20 cents. But this does not allow for the people putting on the raffle to make any money for doing it. It would be better if the raffle went for a dollar. Most people would think that is fair and would not begrudge a dollar.