SOLUTION: Is my answer correct? I would appreciate the feedback! A community 5K run will award $50 to the winner. 50 people enter the race, and they each pay an entry fee of $20. Assumin

Algebra ->  Probability-and-statistics -> SOLUTION: Is my answer correct? I would appreciate the feedback! A community 5K run will award $50 to the winner. 50 people enter the race, and they each pay an entry fee of $20. Assumin      Log On


   

Question 401707: Is my answer correct? I would appreciate the feedback!
A community 5K run will award $50 to the winner. 50 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.
50x=50
x=50/50=$1.00 fair price for the competition.
Thank you!
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
you are correct.