You can become a millionaire! That’s what the junk mail said. But then there was the fine print:
If you send in your entry before midnight tonight, then here are your chances:
0.1% that you win $1,000,000
75% that you win nothing
Otherwise, you must PAY $1,000
But wait, there’s more! If you don’t win the million AND you don’t have to pay on your first attempt,
then you can choose to play one more time. If you choose to play again, then here are your chances:
2% that you win $100,000
20% that you win $500
Otherwise, you must PAY $2,000
What is your expected outcome for attempting this venture? Solve this problem using
a decision tree and clearly show all calculations and the expected monetary value at each node.
Use maximization of expected value as your decision criterion.
Answer these questions:
1) Should you play at all? (5%) If you play, what is your expected (net) monetary value? (15%)
2) If you play and don’t win at all on the first try (but don’t lose money), should you try again? (5%) Why? (10%)
3) Clearly show the decision tree (40%) and expected net monetary value at each node (25%)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more