SOLUTION: A community 5k run will award $50.00 to the winner. 65 people entered and paid a $20.00 entry fee. Assuming they all are equally likely to win, what is the expected value and fair
Algebra.Com
Question 461308: A community 5k run will award $50.00 to the winner. 65 people entered and paid a $20.00 entry fee. Assuming they all are equally likely to win, what is the expected value and fair price for the competition. round to the nearest cent.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
$50.00/65 people=$.77 expected payout per person..
RELATED QUESTIONS
A community 5K run will award $50 the winner. 70 people entered the race and they pay an... (answered by edjones)
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. 50 people enter... (answered by stanbon)
. 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)
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. 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)
Essay; show all work. A community 5K run will award $50 to the winner. 70 people enter... (answered by stanbon)