Question: Consider a lottery in which there are five possible payoffs: $9, $16, $25, $36, and $49, each occurring with equal probability. Suppose that a decision

Consider a lottery in which there are five possible payoffs: $9, $16, $25, $36, and $49, each occurring with equal probability. Suppose that a decision maker has a utility function given by the formula U = √I. What is the expected utility of this lottery?

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