Question

A total of 5000 tickets were sold for a raffle. the prizes are $1000, $500, $200, and $100. what price should be charged so there is a 60% profit per ticket?

Answer 1

Answer: $0.576

Explanation:

The total amount in prizes is $1800.

For there to be 60% profit, the total cost of the tickets need to be
`1800(1.6)=\$ 2880`.

Thus, each ticket must sell for
`(2880)/(5000)=\$ 0.576`