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True [87]
2 years ago
13

A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the

m had to withdraw because of lack of funds, causing the share of the remaining professors to increase by $2.40. How much is the cost of the ticket (in dollars)
Business
1 answer:
Bogdan [553]2 years ago
3 0

Answer:

Total cost of Ticket = $96

Explanation:

Provided information,

Total number of people buying lottery ticket in a joint contribution = 10

Two people withdraw being short of funds, therefore people buying such ticket = 8

Revised share increase by $2.40 each.

Total increase = $2.40 \times 8 = $19.20

Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60

Therefore, total cost of ticket = $9.60 \times 10 = $96

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If a computer virus spreads rapidly through a company's computer system and threatens to shut down all internal and external lin
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1 year ago
bram johnson invests $500 at the end of each quarter for 10 years the account earns 12% interest annually what is the value of t
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1 year ago
Everly Corporation acquires a coal mine at a cost of $400,000. Intangible development costs total $100,000. After extraction has
8090 [49]

Answer:

Explanation:

The journal entry is shown below:

Inventory A/c Dr $73,500

         To Accumulated depletion A/c $73,500

(Being the depletion is recorded)

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First we have to compute the depletion per ton which is shown below:

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= 700 × $105

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