A private detective figures that he has a one in ten chance of recovering stolen property for his client. The expenses for the investigation will cost him $10,000, but the recovery fee is $80,000.
Based ONLY on this information, should the private detective take the job?
The expected value is $1,000, so the detective should take the job.
The expected value is $2,000, so the detective should take the job.
The expected value is -$8,000, so the detective should not take the job.
The expected value is -$2,000, so the detective should not take the job.
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