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.

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths