Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
keebler01
Group Title
Essay; show all work. A community 5K run will award $50 to the winner. 55 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.
 3 years ago
 3 years ago
keebler01 Group Title
Essay; show all work. A community 5K run will award $50 to the winner. 55 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.
 3 years ago
 3 years ago

This Question is Closed

saifoo.khan Group TitleBest ResponseYou've already chosen the best response.2
A community 5K run will award $50 to the winner. 55 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.  Find expected value. P(win) = 1/55 P(lose) = 54/55  Random winning #'s: 30,20  E(x) = (1/55)(30)+(54/55)(20) = (3054*20)/55 = 1050/55  = $19.09 =============== All the competitors are contributing $19.09 to the organizers. =============== For a fair price the price to compete should be $x. The Random winnings would be 50x, x  Expected winnings would be zero. E(x) = (1/55)(50x)+(54/55)(x) = 0  [50x54x)/55 = 0 55x+50 = 0 x = 50/55 x = $0.91 Each runner should pay 91 cents to compete.
 3 years ago

imranmeah91 Group TitleBest ResponseYou've already chosen the best response.1
^^ that makes much more sense
 3 years ago

saifoo.khan Group TitleBest ResponseYou've already chosen the best response.2
Thnks! :)
 3 years ago

keebler01 Group TitleBest ResponseYou've already chosen the best response.0
thanks which one is correct!
 3 years ago

mymomsaughter Group TitleBest ResponseYou've already chosen the best response.0
how did you come up with the random numbers?
 3 years ago

imranmeah91 Group TitleBest ResponseYou've already chosen the best response.1
why are you time traveling?
 3 years ago
See more questions >>>
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.