Question

Tickets are drawn to determine first prize money is s100, 000. Each succeeding prize paid 60% as much as the ticket before it. What was the prize money for the 6th ticket drawn? Use the appropriate formula.

Answer 1

The formula you're going to use for this is as follows:

Initial Prize Money x (1 + Fraction of increase)^(ticket number - 1)

=> I'll represent 60% as 0.6
=> So, the answer is 100,000 x (1.60)^6, which you can solve.

Answer 2

I'm sorry, I misread the question as '60% more than the one before it.'
The answer above is incorrect, I'll update the answer

Answer 3

Instead of

100,000 x (1.60)^6

It'll be

100,000 x (0.60)^6

Answer 4

1st prize = 100,000
2nd prize = (.6)(10,000) = 6,000
3rd prize = (.6)^2 (10000) = 3600
...
6th prize = (.6)^5 (10,000) = .....

Answer 5

Ah, misread the question and then accidentally put a 6 in place of a 5
Thanks for the correction