Painting and soon will have it appraised by professional

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Jen recently inherited a painting and soon will have it appraised by a professional. Jen believes there is a 75% chance that it is authentic, in which case it's net worth is $400. However, there is a 15% chance that it is a fake, in which case it's net worth is zero, and there is a 10% chance that it is even more unique than she thought, in which case it's net worth is $900. If Jen were risk loving, how do you think she would react to a $400 offer? Explain your answer.

Reference no: EM131107899

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Painting and soon will have it appraised by professional : Jen recently inherited a painting and soon will have it appraised by a professional. Jen believes there is a 75% chance that it is authentic, in which case it's net worth is $400. However, there is a 15% chance that it is a fake, in which case it's n..

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