5. 11.5 Three friendsMarjorie, Jane, and Joewent to a county fair and paid a play fee of...
Question:
5. 11.5 Three friends—Marjorie, Jane, and Joe—went to a county fair and paid a play fee of $10 each to enter a game in which each makes one estimate of the number of chocolate M&Ms® in a glass jar. The one closest within 50 candies or ±5% of the actual count wins $100. Assuming no other people entered the game, who gets the $100 or the $30 play fee if the measure of “closest” is
(a) being correct as measured by absolute difference, and
(b) being correct measured by percentage error? The guesses are: Marjorie 950, Jane 756, and Joe 699. The actual number of candies in the jar is 839.
(c) For another round and an additional $10 each, the hawker gives the trio a second chance to win by pooling their three estimates and using the average with the measure of “closest” being the ±5% percentage error criterion. Does the trio get to split the $100 prize?
(d) If they win in either round, what are the net winnings of the trio?
Step by Step Answer:
Basics Of Engineering Economy
ISBN: 9781259683312
3rd Edition
Authors: Leland T. Blank, Anthony Tarquin