Playing profitable-lowest probability of correct guess

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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 money 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?

Reference no: EM13979001

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