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Suppose you are willing to pay $ 1 , 0 0 0 for a low - quality used car and $ 6 , 0 0

Suppose you are willing to pay $1,000 for a low-quality used car and $6,000 for a high-quality used car. If there is a 75 percent chance of getting a low-quality car and a 25 percent chance of getting a high-quality car, you are willing to pay $ for a used car. (Enter your response rounded to the nearest dollar.)
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