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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.
 2 years ago
 2 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.
 2 years ago
 2 years ago

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saifoo.khanBest 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.
 2 years ago

imranmeah91Best ResponseYou've already chosen the best response.1
^^ that makes much more sense
 2 years ago

keebler01Best ResponseYou've already chosen the best response.0
thanks which one is correct!
 2 years ago

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

imranmeah91Best ResponseYou've already chosen the best response.1
why are you time traveling?
 2 years ago
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