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In the television game show Deal or No Deal, a contestant had to choose between accepting...

In the television game show Deal or No Deal, a contestant had to choose between accepting of an offer of $193,000 or continuing the game. If they reject the $193,000 offer and continued to play, they would have won one of these three equally likely prizes: $75,000, $100,000, and $500,000. Find the expected value if she continued the game and refused all further offers. Based on the result, should she accept the offer of $193,000 or should she continue? Explain.

  1. If the contestant were to turn down the $193,000 offer and go for one of the other prizes, what is the probability that the contestan t walks away with less than $193,000?
  2. If the contestant were to turn down the $193,000 offer and go for one of the other prizes, construct a probability distribution of the possible winnings. Then find the expected value of their winnings. (Hint: Make a table of the outcomes and probabilities ifthe contestant does not take the $193,000 offer.)
  3. Purely in terms of the expected monetary value, what is the wisest choice for the contestant? Explain.
math   Statistics-And-Probability   
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