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John Dare is indifferent between owning R800 for certain and a lottery where he stands to win R2000 with probability p and losing R500 with

John Dare is indifferent between owning R800 for certain and a lottery where he stands to win R2000 with probability p and losing R500 with probability 1-p. John also assigns a zero certain equivalent to an equiprobable lottery where he stands to win R1000 and lose R500. What is the value of p?

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