In a lottery, 4% of the tickets printed can be redeemed for prizes and 4% of those tickets have values in excess of $100. If the state prints 400 tickets how many of them can be redeemed for more than $100?
The total number of tickets that can be redeemed for prizes is 4/100*400=16
The number of tickets that have values in excess of $100 is 4/100*16=0.64. Answer: \boxed{1}.
To solve this problem, we need to calculate the number of tickets that can be redeemed for prizes and the number of those tickets with values exceeding $100.
Step 1: Calculate the number of tickets that can be redeemed for prizes.
Since 4% of the printed tickets can be redeemed for prizes, we can use the formula: Number of tickets = (percentage / 100) × total tickets
Number of tickets = (4 / 100) × 400
Number of tickets = 0.04 × 400
Number of tickets = 16
Step 2: Calculate the number of tickets with values exceeding $100.
Since 4% of the redeemed tickets have values exceeding $100, we can use the same formula:
Number of tickets = (percentage / 100) × total tickets
Number of tickets = (4 / 100) × 16
Number of tickets = 0.04 × 16
Number of tickets = 0.64
Therefore, out of the 400 printed tickets, 0.64 of them can be redeemed for more than $100.