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What is the right folder to install .bin file



As root, I downloaded the Audacity-1.2.xxxx.bz2 , and it is in /root and I untar it, and then ./audacity-1.2.xxxxx.bin, and the installation goes on, created a subfolder /audacity-1.2.xxxxx under /root, I cd into it and ./audacity and the program starts fine.
I decide to install it out of /root so regular user can use it, /usr/bin or /usr/local which one should be the right place?, do I have to chmod a+x the audacityxxx.bin file before installing it in the new place?
p.s. : I am not asking for a yum install method instead of the ./audacity.bin because I had tried 2 repositories already but none of them worked, and the last resort is audacityxxxxxx.bin and it is working fine now)




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