In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are

Question

In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50 percent of the time. Should he play

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Caroline 1 month 2021-10-18T19:44:14+00:00 1 Answer 0 views 0

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    2021-10-18T19:45:14+00:00

    Answer:

    The contestant should not play.

    Step-by-step explanation:

    As per the given question, their current winning is $1 million.

    The probability of the guessing to be true is 50% = \frac{50}{100} = \frac{1}{2}.

    There is also a possibility of 50% to be wrong, which can reduced the winning amount to $500,000 that is the half of the current amount.

    Hence, the contestant should not play.

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