Essay; show all work. A community 5K run will award $50 to the winner. 60 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.

Question

mathteacher1729 · Answer

Fair for who? The people running or the people organizing the race? :-p  (this is how real life messes with you!)

anonymous · Answer

so the -phow do i figure the fair price out

mathteacher1729 · Answer

Well, they PROBABLY mean "Fair for the participants".  I would state this clearly at the beginning of your work.  If they mean otherwise, at least your teacher can see where you were going with your work.