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Should Kaylee go to college or start working right away? She estimates her 10-year gross income for several choices given different possibilities for the state
Should Kaylee go to college or start working right away? She estimates her 10-year gross income for several choices given different possibilities for the state of the economy. Evaluate the payoff table below using the maximin and minimax regret criteria.
| Decision | Economy improves | Steady | Declines |
| Attend 4-year college | $270,000 | $240,000 | $190,000 |
| Attend 2-year college | $310,000 | $280,000 | $230,000 |
| Don't attend college | $290,000 | $250,000 | $220,000 |
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