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A Student Is Planning a Trip Home for the Holidays

Question 6

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A student is planning a trip home for the holidays and has three options: car, train, or jet. The decision depends on if the weather is good or bad. In addition, the student estimated the costs for each option. The payoff table follows. A student is planning a trip home for the holidays and has three options: car, train, or jet. The decision depends on if the weather is good or bad. In addition, the student estimated the costs for each option. The payoff table follows. What is the expected value of taking the train? What is the expected value of taking the train?

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