(Answered)-What is the lowest probability of a correct guess

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I need assistance with calculating and solving this problem: In the final round of a TV game show, contestants have a chance to increase their current winnings of $1million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?

 

Solution ID:10036820 | Question answered on 16-Oct-2016

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