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Mathematics, 28.01.2020 07:31 erykp17

You have made it to the final round of a game show. the announcer asks you the final multiple choicequestion, which has four possible answers, (a), (b), (c), and (d). if you answer the question correctly, you win $1,000,000. after considering the question, you realize you are not sure, but you have yoursuspicions. you think the answer is either choice (a) with probability 60%, or choice (b) with probability40%. you are certain the answer is not choice (c) or (d).

a. choose not to answer the question. you walk away with $500,000.b. select an answer (a or b). if you are correct, you win $1,000,000. if you are incorrect, you win only$32,000.c. phone a friend. in this option, the announcer allows you to call a friend for .after listening to your friend’s response, you must then answer the question. you know that: * given thecorrect answer is (a), your friend will say "a" with probability 80%. * given the correct answer is (b), yourfriend will say "b" with probability 80%.d. make a decision tree to find your best strategy. in words, what should your strategy be? how muchmoney do you expect to win?

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