A company establishes a fund of 120 from which it wants to pay an amount, C, to any of its 20 employees who achieve a high performance level during the coming year. Each employee has a 2% chance of achieving a high performance level during the coming year, independent of any other employee. Determine the maximum value of C for which the probability is less than 1% that the fund will be inadequate to cover all payments for high performance.

I'm a little confused as to what to do. The correct answer is $\displaystyle C=60$

Basically I did this:

$\displaystyle P[X=x]={{20}\choose{x}}*.02^{x}*0.98^{(20-x)}<0.01$

Trying to find the integer value of x that gives the solution closest to 0.01 without exceeding it.

I came up with $\displaystyle P[X=3]=0.006469$

So, $\displaystyle C=120/3=40$

This, however, is incorrect and I'm not sure why. Any help?