SOLUTION: Essay; show all work. A community 5K run will award $50 to the winner. 60 people enter the race, and they each pay an entry fee of $20. Assuming they are all equally likely to win,
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Question 600690: Essay; show all work. A community 5K run will award $50 to the winner. 60 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 stanbon(75887) (Show Source): You can put this solution on YOUR website!
A community 5K run will award $50 to the winner. 60 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.
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Winning amount: $30::::Probability: 1/60
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Losing amount: $20:::: Probabiity: 59/60
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Expected winnings: 30(1/60) -20(59/60) = (30-20*59)/60 = -$19.17
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Fair price to compete: 20-19.17 = 83 cents
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Cheers,
Stan H.
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