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Determine whether the following statement makes sense or does not make sense, and explain your reasoning. Here's my dilemma, I can accept a $1500 bill
Determine whether the following statement makes sense or does not make sense, and explain your reasoning.
Here's my dilemma, I can accept a
$1500
bill or play a game ten times. For each roll of the single die, I win
$300
for rolling 1 or 2; I win
$100
for rolling 3; and I lose
$100
for rolling 4, 5, or 6. Based on the expected value, I should accept the
$1500
bill.
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