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 3 years ago
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
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.

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saifoo.khan
 3 years ago
Best ResponseYou've already chosen the best response.2A 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.

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

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

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

imranmeah91
 3 years ago
Best ResponseYou've already chosen the best response.1why are you time traveling?
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