SOLUTION: hi need help with this question please. A comunity 5K run will award $50 to the winner.65 people enter the race, and they each pay an entry fee of $20. Assuming they are all equall
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Question 464896: hi need help with this question please. A comunity 5K run will award $50 to the winner.65 people enter the race, and they each pay an entry fee of $20. Assuming they are all equally likely to win, what is a fair price for the competition? Round to the nearest cent. please do this in step by step form so i will understand i see similar problems but when it comes to the random number i do not understand where they are getting that information from and i am unable to look at that to work my problem when i don't know where and how they have obtained some of the information. please help asap i have to submit my homework this afternoon...thanks alot
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
If they are all equally likely to win, a fair entry price would be the prize money divided by the number of entrants. 50 divided by 65, rounded to the nearest cent.
Here's another way to look at it. Let's say that you wanted to be certain you would win the prize. In order to be certain, you could buy all of the entries yourself. In this case, if the prize were either less money or more money than the total amount you paid, then the entry fee would be unfair (either to you or to the race organizers). The entry fee is fair only if the amount paid is exactly equal to the amount received. In this case, if you bought all of the entries and the total amount paid is $50 (so that the amount paid equals the prize), then each of the 65 entries would cost 1/65th of the $50 you paid.
The fact that the entry fee is $20 per entrant is a red herring. The information has nothing whatever to do with the answer to the question asked, because the question is to derive the fair price. Had the question been: "Is the $20 entry fee a fair price?" the answer would be absolutely not since $1300 is a great deal more than $50.
John
My calculator said it, I believe it, that settles it
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