Question: You have been given the choice of receiving 500 in
You have been given the choice of receiving $500 in cash or receiving a gold coin that has a face value of $100. However, the actual value of the gold coin depends on its gold content. You are told that the coin has a 40% probability of being worth $400, a 30% probability of being worth $900, and a 30% probability of being worth its face value. Basing your decision on expected value, should you choose the coin?
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