The grand prize in a lottery is $500,000.There are 6 second prizes of $50,000 and 12 third prizes of $10,000.If 1,000,000 tickets are sold,what is a fair price to pay for a ticket to this lottery?
A)$5.15
B)$0.92
C)$9.20
D)$1.84

Question

Quizplus · Accepted Answer

The fair price for a ticket is calculated by dividing the total prize money by the number of tickets sold. The total prize money is $500,000 (grand prize) + 6*$50,000 (second prizes) + 12*$10,000 (third prizes) = $500,000 + $300,000 + $120,000 = $920,000. Dividing this by 1,000,000 tickets gives $920,000 / 1,000,000 = $0.92 per ticket.

The Grand Prize in a Lottery Is $500,000