In a talent show, the first prize is $1000, the second prize is $500, and the th

In a talent show, the first prize is $1000, the second prize is $500, and the third prize is $250. What is the average prize money awarded? (2021)

In a talent show, the first prize is $1000, the second prize is $500, and the third prize is $250. What is the average prize money awarded? (2021)

Step 1: Identify the prize amounts. The first prize is $1000, the second prize is $500, and the third prize is $250.
Step 2: Add the prize amounts together. Calculate 1000 + 500 + 250.
Step 3: Perform the addition. 1000 + 500 = 1500, then 1500 + 250 = 1750.
Step 4: Count the number of prizes. There are 3 prizes in total.
Step 5: Divide the total prize money by the number of prizes. Calculate 1750 / 3.
Step 6: Perform the division. 1750 divided by 3 equals approximately 583.33.
Step 7: Round the average prize money to the nearest dollar. 583.33 rounds to $583.

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