Mathematics, 23.05.2021 15:10 mmcdaniels46867

You are planning to enter a marathon road race in Miami. The prize for first place is $8,500. The prize for second place is $4,500. The prize for 3rd place is $1,000.
Based on your personal times in previous races you have a 2% chance of winning,
10% of finishing 2nd, and a 20% chance of finishing 3rd. If your travel expenses are
going to be $1,500, what would be your expected value for the trip?

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You are planning to enter a marathon road race in Miami. The prize for first place is $8,500. The p...