SOLUTION: Essay; show all work. A community 5K run will award $50 to the winner. 70 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 628950: Essay; show all work. A community 5K run will award $50 to the winner. 70 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. 70 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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Random winning numbers::::::::::: 30:::::::-20
Corresponding probabilities::::::1/70:::::: 69/70
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Expected winnings: (1*30 - 20*69)/70 = -$19.29
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Fair price: 20-19.29 = 71 cents.
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Cheers,
Stan H.
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