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The figure below illustrates a game with only chance moves. (a) Express the situation as a compound lottery then reduce it to a simple lottery.

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The figure below illustrates a game with only chance moves. (a) Express the situation as a compound lottery then reduce it to a simple lottery. Show all the steps. (b) What is the expected value in dollars of the compound lottery? -$8 $13-$7 $6 $6 -$7 $13 -$8 . -6 =/w 8 5

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