Question: Consider a random variable X such that P X 3 8 0 4 P X 4 4 0 35 and P X 7 8 0

Consider a random variable X such that P X 3 8 0 4 P X 4 4 0 35 and P X 7 8 0 25 and a decision maker with the utility function u t t What is the value of CE X Report your answer using two decimals In this problem you have three tries such that after each incorrect try one third 33 of the maximum points is deducted

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