Question: Liz has two options when it comes to opening up her new practice. She can go independent or join an existing practice. Going independent will

Liz has two options when it comes to opening up her new practice. She can go independent or join an existing practice. Going independent will take more of a financial commitment ($110,000) which would be lost if she failed. However, the payoff would be greater over the next two years if she succeeds ($250,000). Joining a practice will require less up front ($75,000 which would be lost in failure) but the payoff is also less ($195,000). Liz believes receiving privileges at the local hospital will cause her to succeed. Denial of those privileges at the local hospital will cause her to fail. Create a decision table for Liz. Liz believes there is a 60% probability that she will receive privileges. What would the probability of receiving privileges have to be to make her change her mind between independent and joining a practice? (Calculate to two decimal places and enter as 0.XX)

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