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13 Sep 2021, 02:31
Kudos
Bookmarks
B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
(low)
Question Stats:
91% (01:44) correct
9%
(02:02)
wrong
based on 64
sessions
History
Date
Time
Result
Not Attempted Yet
For a charity raffle, 1,200 tickets were sold at two different prices, $1.00 and $2.50. The charity spent $550.00 on the prizes and $60.00 in administrative costs. If the charity incurred no other costs, and the $2.50 tickets made up 2/3 of the total number of tickets sold, how much profit did the charity make from the raffle?
A. $610
B. $1,790
C. $1,890
D. $2,000
E. $2,400
A. $610
B. $1,790
C. $1,890
D. $2,000
E. $2,400
13 Sep 2021, 05:09
Kudos
Bookmarks
Bunuel
Solution:
The charity spent \($550.00\) on the prizes and \($60.00\) in administrative costs. This means the total CP of charity raffle \(= 550+60=$610\).
The charity sells \(\frac{2}{3}\) of the total number of tickets at \($2.5\) each. Revenue from these tickets \(= \frac{2}{3}\times 1200 \times 2.5=$2000\)
The rest (\(1200-800=400\)) tickets were sold at \($1\) each. Revenue from each ticket \(= 400\times 1=$400\).
Total revenue earned by charity \(= 2000+400=$2400\).
Thus the profit made by charity = Total Revenue - Total CP \(= 2400-610=$1790\).
Hence the right answer is Option B.
13 Sep 2021, 09:06
Kudos
Bookmarks
1200 * 2/3 = 800 x 2.50 = $2000 + 400 (x $1.00) = $2,400 - $610 (550+60) = $1790.
Answer : B
Answer : B
