Suppose the chamber of commerce in Pinehurst, North Carolina decided to hold a professional golf tournament at
Question:
Suppose the chamber of commerce in Pinehurst, North Carolina decided to hold a professional golf tournament at the famous Pinehurst Country Club. They would probably be able to get a TV contract from a major network. The TV revenue would be about $4 million, and they would sell 60,000 tickets at $8 apiece. The fund for prizes would be 20% of their total revenue (TV plus tickets) rounded to the nearest $10,000. The prizes would be as follows (all prizes are rounded to the nearest dollar):
First prize: 18% of the total prize money
Second prize: 60% of the first prize
Third prize: 65% of the second prize
Fourth prize: 70% of the third prize
Fifth prize: 75% of the fourth prize
Sixth prize: 6% of the remaining prize money
Seventh prize: $900 less than sixth prize
Eighth prize: $900 less than seventh prize
And so on, with each subsequent prize $900 less than the previous prize. The final prize would be whatever was leftover, even if it wasn’t $900 less than the previous prize.
Suppose two golfers finished in a tie for tenth place and they split the combined tenth and eleventh prizes. How much did each of them get?
Statistics for Business & Economics
ISBN: 978-1285846323
12th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Camm, James Cochran