James buys 200 lotto tickets for 2 dollars each. Of those tickets 20% are winners. 80% of the winners are for 5 dollars. 1 ticket is the grand prize of $5,000. The other tickets win an average of $10. How much did he profit?
Let’s work this out in a step by step way to be sure we have the right answer.
4830
He spent 200 * 2 = $400.

There were 200 *.

2 = 40 tickets.

Of those 40 *.

8 = 32 are 5 dollar winners.

So they win 32 * 5 = $160.

He has 40 - 32 = 8 other winning tickets.

Of those 8 - 1 = 7 wins $10.

So they win 10 * 7 = $70.

So he won 5000 + 70 + 160 - 400 = $4830.

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The final answer: 4830