Imagine that you are a participant in a game show, where “free” money is given away. There are 4 pri

Imagine that you are a participant in a game show, where “free” money is given away. There are 4 prizes hidden on a game board with 16 spaces. One prize is worth $4000, another is worth $1500, and two are worth $1000 each.
If you select one of the prize spaces, you will get the related prize. However, if you select any of the other spaces, you will have to pay $50, as penalty for not making the ‘wise’ choice
In this game show, you are actually given a choice:
•Choice #1: You are offered a sure prize of $400 in cash. You can take the money and leave.
•Choice #2: Take your chance and play the game.
What would be your choice? Take the money and run, or play the game? Please explain your decision.

 

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