What is a fair price for the competition
A community 5K run will award $50 to the winner. 80 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.
Now Priced at $5 (50% Discount)
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80 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.
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