Essay; show all work. A community 5K run will award $50 to the winner. 45 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

anonymous · Answer

What do you mean by a fair price?

anonymous · Answer

what is a good/reasonble price

anonymous · Answer

For what?

anonymous · Answer

That's what I don't know. Just tell your teacher it is worded badly.

anonymous · Answer

http://www.chegg.com/homework-help/questions-and-answers/essay-show-all-work-a-community-5k-run-will-award-50-to-the-winner-40-people-enter-the-rac-q1297086

anonymous · Answer

There your go, good job for finding the answer. I believe fair price means how much each competitor SHOULD pay, as opposed to how much they DID pay.

anonymous · Answer

$50X(1/45)-$20X44/45=-18.44+20.00=$1.56
and $1.56 is fair

anonymous · Answer

Exactly, very good maths!

anonymous · Answer

thank you