SOLUTION: 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 fai price
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-> SOLUTION: 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 fai price
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Question 609951: 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 fai 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. 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.
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Random "winning values":::::::: 30........-20
Corresponding probabilities::::1/75.......74/75
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Expected "winnings" = (30 - 20*74)/75 = -19.33
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Fair price would be 20-19.33 = $0.67
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Cheers,
Stan H.
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