document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=628950>Question 628950</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #395915 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=395915\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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.<BR>\n" );
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document.write( "Random winning numbers::::::::::: 30:::::::-20<BR>\n" );
document.write( "Corresponding probabilities::::::1/70:::::: 69/70<BR>\n" );
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document.write( "Expected winnings: (1*30 - 20*69)/70 = -$19.29<BR>\n" );
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document.write( "Fair price: 20-19.29 = 71 cents.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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