Maths Help Please

[bednobs]

I have seen a raffle i want to enter for a house. Tickets are £10, house is "worth" £3.6M. How many tickets would they have to sell to cover the value of the house? Words please if poss

[Atheist]

360,000 I think.

[jim360]

They would need to sell at least 360,000 tickets (=3.6 million pounds, divided by 10), and presumably a few more in order to make at least some money.

[bednobs]

to be clear, That's Three hundred and sixty thousand

[bednobs]

?

[jim360]

Yes. Should have taken the "in words" more literally.

[Hopkirk]

Trouble is there are gambling laws, and taxes. Often these raffles don't go ahead in the end.

[Hopkirk]

Also the house is only worth what someone will pay, so perhaps £3.6m is an optimistic claim.

[AuntPollyGrey]

Good grief bednobs are you saying you can't divide a number by 10 on your own?

3,600000 / 10 = 360,000
All you do is take one 0 off the right hand side.

[bednobs]

maybe. Sorry, numbers sometimes get me confused, so by in words i meant not in numbers, not explain your working out please :)
They'll NEVER sell that many tickets, but they say if the £3.6m isnt reached, the prize will be the sum of the entries

[Maydup]

Does everyone get their money back when the raffle only reaches £10k or are they legally obliged to draw it?

Is it worth buying a thousand tickets for a 3.6m prize?

[AuntPollyGrey]

bednobs, there is a raffle I've entered at the moment for a house . Three Hundred Thousand tickets issued for a house that was on the market last year for one hundred and eighty thousand. They have so far sold Two Hundred and Seventy THOUSAND tickets and the raffle doesn't end until November 1st.

[Mamyalynne]

Be careful that young Tim doesn't get in first, he loves a raffle ;-)

[AuntPollyGrey]

Forgot to say the tickets are only £1

If all the tickets aren't sold the winner gets 75% of the prize pot, however much that may be, the rest going to the company organising the raffle.

You have to answer a very easy question to enter the raffle which somehow makes it a competition and not gambling.

[-SharonA-]

It's a con. Do you get your money back if they decide not to sell?

[AuntPollyGrey]

Sharon its not a con. Would you get your £1 back if someone else won the prize pot ? of course you wouldn't. If the issued amount of tickets are not sold the money in the pot is drawn for and someone wins it. If all the tickets are sold but the owner of the raffled prize changes their minds, then the money in the prize pot is drawn for -its a win win. People have to go through a Company to do this, its not done by individuals. FFIW I would have a £1 punt on a £200,000 house -it costs £2.50 for a lottery ticket and the odds of winning that are far worse.

[AuntPollyGrey]

Sharon nothing is being 'sold' -its being 'won'.

[Theland]

I'm still sliding the balls on my abacus bit one of them has been chewed so give me time to check this.
(Socks are off so now have twenty digits to mark with a ball point pen - could have some answer soon.)