document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=422983>Question 422983</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #295196 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=295196\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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.<BR>\n" );
document.write( "------------------------------------\r<BR>\n" );
document.write( "\n" );
document.write( "Random-gain values: 50-20 = 30 ; -20<BR>\n" );
document.write( "Probabilities: 1/60 ; 59/60<BR>\n" );
document.write( "-----------<BR>\n" );
document.write( "E(gain)= 30(1/60)-20(59/60) = 1/2 - (59/3)= (3-59)/6 = -$9.33 <BR>\n" );
document.write( "----<BR>\n" );
document.write( "A fair price would be 20-9.33 = $10.67<BR>\n" );
document.write( "---------------------------------------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "===========   </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );