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.
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.
5 answers
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
The answer above is incorrect, I'll update the answer
Instead of
100,000 x (1.60)^6
It'll be
100,000 x (0.60)^6
100,000 x (1.60)^6
It'll be
100,000 x (0.60)^6
1st prize = 100,000
2nd prize = (.6)(10,000) = 6,000
3rd prize = (.6)^2 (10000) = 3600
...
6th prize = (.6)^5 (10,000) = .....
2nd prize = (.6)(10,000) = 6,000
3rd prize = (.6)^2 (10000) = 3600
...
6th prize = (.6)^5 (10,000) = .....
Ah, misread the question and then accidentally put a 6 in place of a 5
Thanks for the correction
Thanks for the correction