Decision tree assignment | Computer Science homework help

Decision Tree Assignment  

Play now? Play later?

You can become a millionaire! That’s what   the junk mail said. But then there was   the fine print:

If you send in your entry before midnight tonight, then here are your chances: 

0.1% that you win $1,000,000

75% that you win nothing

Otherwise, you must PAY $1,000

But wait, there’s more! If you don’t win   the million AND you don’t have to pay on your first attempt,

then you can choose to play one more time. If you choose to play again, then here are your chances:

2% that you win $100,000

20% that you win $500

Otherwise, you must PAY $2,000

What   is your expected outcome for attempting this venture? Solve this problem using a decision tree and clearly show all calculations and the expected monetary value at each node.

Use maximization of expected value as your decision criterion.

Answer these questions:

1)   Should you play at all? (5%) If you   play, what is your expected (net) monetary value? (15%)

2) If   you play and don’t win at all on the first try (but don’t lose money), should   you try again? (5%) Why? (10%)

3)   Clearly show the decision tree (40%) and expected net monetary value at each   node (25%)

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.