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

$\frac{50}{45}$

anonymous · Answer

if each person pays $\frac{50}{45}$ then they will raise $\frac{50}{45}\times 45=50$ dollars

anonymous · Answer

It says they will be awarded 50 dollars and pay 20 dollars to get in. Im confused on how 50 dollars would be right