Puzzle time - the church quilt
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wrote on 22 Nov 2020, 12:50 last edited by
You come along just as a church raffle is closing; its prize is a quilt worth $100 to you, but they've only sold 25 tickets. At $1 a ticket, how many tickets should you buy?
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wrote on 22 Nov 2020, 12:51 last edited by
(Suspend disbelief about a quilt being worth $100 if you need to)
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wrote on 22 Nov 2020, 13:42 last edited by
There are unlimited tickets?
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wrote on 22 Nov 2020, 14:06 last edited by Klaus
||-75||
OK, it's the other maximum. But I don't want to spoil it yet. I know that @George-K is also a big fan of these puzzles, hence I'll leave him the chance to answer first.
Seriously, guys and gals: This isn't hard! There's one step that requires a little bit of math background if you want to "solve" it, but one can just as well skip that step and try a few values to find the solution.
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wrote on 22 Nov 2020, 14:13 last edited by
My wife works with a quilting group that raffles the quilts for thousands, although usually it is hundreds. It's all for charity, mostly for needy children and they also make pillows used in ICUs.
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wrote on 22 Nov 2020, 14:14 last edited by
If it's worth a $100 to you, then buy 100 tickets, you cheap bastard! lol
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There are unlimited tickets?
wrote on 22 Nov 2020, 15:14 last edited by -
wrote on 22 Nov 2020, 15:47 last edited by
Klaus's wrong answer offers me evidence that he knows the right one.
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wrote on 22 Nov 2020, 18:59 last edited by
||Expected return is ($100N/(N+25))-$1N where N is the number of tickets you buy. Find the N that gives you the maximum value for 100N/(N+25)-N . N=25.||
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wrote on 22 Nov 2020, 19:03 last edited by
Pad with another post because the index page actually displays part of the content in spoiler.
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wrote on 22 Nov 2020, 19:04 last edited by
Come on, Ax. Show us that you can properly derive that thing and find its zeros.
