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Suppose you are wondering whether to buy insurance for you phone. The policy you are looking at will cost $200 and will replace your phone

Suppose you are wondering whether to buy insurance for you phone. The policy you are looking at will cost $200 and will replace your phone (value of $750) if were to break or get stolen. You estimate that there is a 20% chance that your phone will break or get stolen. What is the value of not buying that policy

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