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 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? they should play because the payoff will be positive..50 x 1,00,000 = 500,000 total gain if you win.50 x 500,000 = 250,000 total loss if you lose.5 x 1,000,000 + .5 x -500,000= 250,000so the expected value of playing 1 million is $1,250,000p1,000,000 + (-500,000) + p500,000=p1,500,000 - 5000,000500,000 = p1,500,0001,500,000 1,500,000⅓ or 33%i can do the math once given the equation but i am not understanding why i should use the equation.