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D Suppose that a car-rental agency offers insurance for a week that costs $125. A minor fender bender will cost $3,700, whereas a major accident

D Suppose that a car-rental agency offers insurance for a week that costs $125. A minor fender bender will cost $3,700, whereas a major accident might cost $12,000 in repairs. Without the insurance, you would be personally liable for any damages. There are two decision alternatives: take the insurance, or do not take the insurance. You researched insurance industry statistics and found out that the probability of a major accident is 0.05% and that the probability of a fender bender is 0.19%. What is the expected value decision? The expected value decision is to the insurance because it results in the expected value of $ (Round to the nearest cent as needed.) lowest highest

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