UI Post-UTME Mathematics 2018 (Model questions) Question 40

Question 40

Ratio, Percentages and Rates

In a fund-raising lottery, 42% of the money collected is given as cash prizes. There are eight cash prizes altogether. The first price winner gets ₦3,500, the second gets ₦3,100, the third gets ₦2,700 and so on.
How much money does the eight persons get?

A.₦800
B.₦700
C.₦900
D.₦1000

Show the answer and explanation

Answer: B (₦700)

Explanation

Prizes form an AP with a = 3,500 and d = −400: the 8th prize is 3,500 − 7 × 400 = ₦700.