Question

3 A charitable organization is planning a raffle to raise $10,000. Five Hundred chances
will be sold on a new car. The car will cost the organization $15,000. How much abould
each ticket cost iſ the organization wishes thet a profit o 10,000?​

Answer 1

Each ticket would cost Rs 50.

Step-by-step explanation:

We are given that a charitable organization is planning a raffle to raise $10,000. Five Hundred chances  will be sold on a new car. The car will cost the organization $15,000.

And we have to find how much would each ticket cost iſ the organization wishes a profit of 10,000.

Let the cost of each ticket be x.

Firstly, as we know that cost of the car for the organization is = $15,000

The profit they want to earn = $10,000

So, the total money they want to earn = $15,000 + $10,000

                                                                = $25,000

Now, according to question;

                      500x  =  $25,000

                           x  =  $\frac{25,000}{500}$  =  $50

Since in the question there are no variable cost, so the entire price will represent the profit margin.