Question: James, whose Bernoulli utility function is given by u(w) = w0.5, participates in a lottery which pays him $2 with probability 0.1, $14 with

James, whose Bernoulli utility function is given by u(w) = w0.5, participates in a lottery which pays him $2 with probability 0.1, $14 with probability 0.4, and $37 otherwise. What is his certainty equivalent? (Round your final answer to two decimal places, if necessary.)

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