According to one study, an average payout for slot machines is 79 cents on each dollar. What is the percent return on every dollar spent in playing slots?

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27-10-2022
Mathematics

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According to one study, an average payout for slot machines is 79 cents on each dollar. What is the percent return on every dollar spent in playing slots?

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AbdullohL205151 AbdullohL205151 · Answer 1 · 2022-10-27T21:52:22+02:00

Question:

According to one study, the average payout for slot machines is 79 cents on each dollar. What is the percent return on every dollar spent in playing slots?

Solution:

Percent represents per hundred value of a number. Fraction is converted into a percent by multiplying it by 100%/1.

Given,

Average payout of slot machines = 79 cents = $0.79

Amount of expenditure: $1

Find out the fraction of return on each dollar using the given formula:

[tex]Fraction\text{ return = }\frac{Average\text{ payout}}{\text{Total expenditure}}[/tex]

put the above values in the previous equation to obtain the required fraction, as follows:

[tex]\frac{0.75}{1}\text{ = fraction return}[/tex]

thus, the percent return on every dollar spent in playing slots is 0.75 x 100% = 75 %

then the correct answer is: 75%