SOLUTION: A community 5K run will award $50 to the winner. 40 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
Algebra.Com
Question 489136: A community 5K run will award $50 to the winner. 40 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.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
$50/40=$1.25
Since they are all equally likely to win, the expected payout is $1.25, which is the fair price they should each be expected to pay..
RELATED QUESTIONS
Essay. Show all work. A community 5k run will award $50 to the winner. 50 people enter... (answered by stanbon)
essay show all work, a community 5k run will award $50 to the winner, 35 people enter the (answered by stanbon)
Essay; show all work. A community 5K run will award $50 to the winner. 65 people enter... (answered by edjones)
. Essay; show all work. A community 5K run will award $50 to the winner. 55 people enter... (answered by stanbon)
Essay; show all work. A community 5K run will award $50 to the winner. 60 people enter... (answered by stanbon)
A community 5K run will award $50 to the winner. 35 people enter the race, and they each... (answered by cleomenius)
Essay; show all work. A community 5K run will award $50 to the winner. 75 people enter... (answered by stanbon)
Essay; show all work. A community 5K run will award $50 to the winner. 60 people enter... (answered by stanbon)
A community 5k run will award $50 to the winner. 75 people enter the race, and they each (answered by stanbon)