Question

A local softball league is raffling off $50. you can buy one ticket for $3.00, three tickets for $5.00, five tickets for $8.00 or ten tickets for $10 assume the league sells 100 tickets. should you by one, three, five, or ten tickets to maximize your expected winnings?

Answer 1

1 ticket = $3

$50 = around 16 tickets ($2 remaining)

3 tickets = $5

1 ticket = $1.33

$50 = around 37 tickets (around $0.80 remaining)

5 tickets = $8

1 ticket = $1.60

$50 = around 31 tickets ($0.40 remaining)

10 tickets = $10

1 ticket = $1

$50 = 50 tickets exact (no change)

Ans: You should buy 10 tickets.