You come along just as a church lottery is closing; its prize is a quilt worth $100 to you, but they've only sold 25 tickets. At $1 a ticket, how many tickets should you buy?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
If 1 ticket is bought, the chance to win $100 is 1/26, which is very less.
If 100 or more tickets are bought, loss is certain for the ticket-buyer because even if he wins $100, he has already spent $100 by buying 100 or more tickets at $1 per ticket.
Therefore, an intermediate number of tickets (between 1 and 100) should be bought.
Let the number of tickets to be bought is x, 1<x<100
Expectation to win is from buying x tickets, which can be maximized to get the optimum value of x, which may or may not be an integer.
Step by step
Solved in 4 steps
