Give the step-by-step reasoning process and then the final answer. Josh gets together with 7 friends. Everyone including him puts 5 dollars into a pot. First place gets 80% of the money. Second and third place split the rest. How much money does third place get?
7 + 1 = 8 people threw money into the pot. So the amount of money in the pot is 8 * 5 = $40. First place gets 40 * .8 = $32. So there is 40 - 32 = $8 left in the pot after first place gets his cut. So third place gets 8 / 2 = $4.
The final answer: 4.