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Calculate Fair Prize Values for Four Prize Winners.

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jk2391 Calculate Fair Prize Values... 09-02-2021, 09:54 AM
6StringJazzer Re: Calculate Fair Prize... 09-02-2021, 11:07 AM
jk2391 Re: Calculate Fair Prize... 09-02-2021, 12:45 PM
popipipo Re: Calculate Fair Prize... 09-02-2021, 11:48 AM
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    Question Calculate Fair Prize Values for Four Prize Winners.

    Seems simple, but I'm having trouble determining this.

    I'm trying to run a scenario analysis on the prize $ winnings for four winners, depending on the number of participants.

    Each participant buys in for $35, but the thing is that the 4th place winner must always win back the $35 they used to participate, while the other three prize winners win more $ depending on their placement.

    So essentially I need help coming up with a formula that calculates fair winnings for the 1st, 2nd, and 3rd place prize winners, and each of those must obviously be higher than $35 while also being higher than the subsequent winner; the combination of all the prize values for the four tiers must equal the total pot (# of participants x $35).

    I've attached a simple excel spreadsheet that may better explain what I need help with.

    Thanks!

    Update: Figured this out. No need for a reply.
    Attached Files Attached Files
    Last edited by jk2391; 09-02-2021 at 10:09 AM.

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