Provide calculation and complete solution

Deal or No Deal was a TV show based on expected values. It was jazzed up, but this is how a typical game would progress. Consider the following table of payoffs. The choice is between accepting an offer of $400,000 now, and ending the game, or removing Two (2) payoffs at random, thus eliminating them from play.

$1

$300

$750

$10,000

$250,000

$500,000

$1,000,000

$3,000,000

1. What is the expected value (EV) of the game at this point?

2. What is the probability that the expected value of the next round will be greater than $400,000?

(B)The next round went very well; two relatively low value payoffs were removed. You are now offered $650,000 to quit; if not one (1) more payoff will be eliminated.

$1

$750

$250,000

$500,000

$1,000,000

$3,000,000

3. What is the EV of the game now?

4. What is the probability that the EV of the next round will exceed the current offer?

5. What is the minimum EV of the next round?