Working out profits and loss from a tombola ticket sale

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If so, it looks like a profit of £25 - £19.50 + £1 - £0.50 = £5.00Correct, thank you for clarifying! It is important to note that the ticket numbered "50" would only win £1, not £1.50, since it is only counted once in the calculation for tickets ending in 0. So the final profit would be £5.
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Natasha1
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Homework Statement


One hundred tombola tickets were sold, numbered 1-100, at 25p each.
Each ticket which included a '5' won a prize costing 50p. Each ticket ending with a '0' won a prize costing £1. If all 100 tickets were sold, how much profit was made?

Homework Equations


100 tickets costing 25p that's 100 x 25p = £25 profit
But we know there are:
20 tickets with '5's win 50p, so that's 20 x 50p = £10 loss
and 10 tickets with '0's win £1, so 10 x £1 = £10 loss

The Attempt at a Solution


That's a profit of £25 - (2x£10) = £5

Am I correct please?
 
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  • #2
Natasha1 said:
But we know there are:
20 tickets with '5's win 50p,
You sure about that?
 
  • #3
Ahh thanks for spotting that!

Is the answer...

100 tickets costing 25p that's 100 x 25p = £25 profit

But we know there are:
19 tickets with '5's win 50p, so that's 19 x 50p = £9.50 loss
and 10 tickets with '0's win £1, so 10 x £1 = £10 loss

The Attempt at a Solution


That's a profit of £25 - £19.50 = £5.50
 
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  • #4
Natasha1 said:
Ahh thanks for spotting that!

Is the answer...

100 tickets costing 25p that's 100 x 25p = £25 profit

But we know there are:
19 tickets with '5's win 50p, so that's 19 x 50p = £9.50 loss
and 10 tickets with '0's win £1, so 10 x £1 = £10 loss

The Attempt at a Solution


That's a profit of £25 - £19.50 = £5.50
Yes, that looks good.

Added in Edit:

This may not be correct. See what "Halls" says in the next post.
 
Last edited:
  • #5
Each ticket which included a '5' won a prize costing 50p. Each ticket ending with a '0' won a prize costing £1.
Does the ticket numbered "50" win both?
 
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Related to Working out profits and loss from a tombola ticket sale

1. How do I calculate the profit or loss from a tombola ticket sale?

To calculate the profit or loss from a tombola ticket sale, you need to subtract the total cost of the prizes from the total revenue generated by ticket sales. If the resulting number is positive, it is the profit. If it is negative, it is the loss.

2. What factors should I consider when working out profits and loss from a tombola ticket sale?

When working out profits and loss from a tombola ticket sale, you should consider the cost of the prizes, the number of tickets sold, and the price of each ticket. You should also take into account any additional expenses, such as the cost of the tombola tickets themselves or any promotional materials.

3. Is there a specific formula for calculating profits and loss from a tombola ticket sale?

Yes, there is a specific formula for calculating profits and loss from a tombola ticket sale. It is: Revenue - Cost of Prizes = Profit/Loss. This formula takes into account the total revenue generated by ticket sales and subtracts the cost of the prizes to determine the profit or loss.

4. Can I use any currency when calculating profits and loss from a tombola ticket sale?

Yes, you can use any currency when calculating profits and loss from a tombola ticket sale. Just make sure to convert all amounts to the same currency before performing the calculations to ensure accuracy.

5. How can I ensure accuracy when working out profits and loss from a tombola ticket sale?

To ensure accuracy when working out profits and loss from a tombola ticket sale, make sure to keep track of all expenses and revenue generated. Double check all calculations and convert all amounts to the same currency if necessary. It can also be helpful to have a second person review the calculations to catch any errors.

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