Homework Help: Math

Posted by Jen on Friday, July 22, 2011 at 11:50am.

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.

Math - bobpursley, Friday, July 22, 2011 at 1:08pm
expected value= 50*1/60=50/60 is a fair price

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