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Sam is offered to purchase a 2-year extended warranty from a retailer to cover the value of his new appliance in case it gets damaged

Sam is offered to purchase a 2-year extended warranty from a retailer to cover the value of his new appliance in case it gets damaged or becomes inoperable for the price of $25. Sam's appliance is worth $1000 and the probability that it will get damaged or becomes inoperable during the length of the extended warranty is estimated to be 3%.

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