in a raffle one thousand tickets are sold there is a grand p

in a raffle one thousand tickets are sold. there is a grand prize of 6000, a second prize of 400 and a third prize of 100. what ticket price would make this game fair

Solution

in a raffle one thousand tickets are sold. there is a grand prize of 6000, a second prize of 400 and a third prize of 100. what ticket price would make this game fair

we can set up an equation with t being the unknown ticket price p:

1000*p=6000+400+100

1000*p=6500

p=6.5

So in this case, you would have a fair game if each of the 1000 tickets cost $6.50.