A charity raffle offers a first prize of $1,000,000, a second place prize of $100,000 and a third place prize of $10,000. A total of 500 000 tickets will be sold. What price should be charged for a ticket in order for the charity to make a 60% profit on this raffle?

are the tickets returned, so that the same ticket could win more than once?

no

To determine the price that should be charged for a ticket, we first need to calculate the total cost of the prizes. Then, we can determine the profit margin and use that information to calculate the ticket price.

The total cost of the prizes can be calculated by adding the values of the first, second, and third place prizes:

Total cost of prizes = $1,000,000 + $100,000 + $10,000 = $1,110,000

To determine the profit margin, we need to calculate 60% of the total cost of prizes:

Profit margin = 60% of $1,110,000 = 0.60 * $1,110,000 = $666,000

Now, we need to consider the number of tickets sold, which is 500,000.

To calculate the price per ticket that will result in a 60% profit, we divide the profit margin by the number of tickets sold:

Price per ticket = Profit margin / Number of tickets sold
Price per ticket = $666,000 / 500,000
Price per ticket = $1.332

Therefore, in order for the charity to make a 60% profit on this raffle, they should charge $1.332 (or rounded to the nearest cent, $1.33) per ticket.