document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=545093>Question 545093</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Essay; show all work. A community 5K run will award $50 to the winner. 75 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 #355416 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=355416\">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. 75 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" );
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document.write( "Random winning values:::::::  50,,,,,,,-20<BR>\n" );
document.write( "Corresponding probabiities::::1/75,,,,,74/75<BR>\n" );
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document.write( "E(x) = 50(1/75) - 20(74/75) = -$19.07<BR>\n" );
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document.write( "You can expect to lose $19.07 each time you play the game.<BR>\n" );
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document.write( "Fair price to play should be 20-19.07 = 93 cents<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "============== </SPAN>\n" );
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