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.
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