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Mathematics, 21.10.2020 17:01 kiddshay8232

You enter an online cooking tournament. The entry fee is $20, and the entrants make the recipes at home and vote for their favorite, which cannot be their own recipe. The top 2 finishers win money. First place wins $57, and second place wins $46. You give yourself an X chance of finishing in the top 2, and if you finish top 2, then you have an equal chance of finishing first or second. What is X such that entering this tournament is a fair gamble for you as an expected value maximizer (i. e., Expected value of entering the tournament is $0). Enter your answer to 4 decimal places.

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