SOLUTION: A community 5K run will award $50 to the winner. 35 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

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Question 473768: A community 5K run will award $50 to the winner. 35 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.

Answer by cleomenius(959) About Me  (Show Source):
You can put this solution on YOUR website!
If I am understanding the problem correctly, I would say a fair prize would be half of the collection for the entry fees.
So, if we give a 50 dollar prize, we would want to collect 100 dollars from 35 people; this would come out to $2.86 a person.
Cleomenius.