Imagine you are in a game show. 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. You have to pay $50 to the host if your choice is not correct.
(a) What is your expected winning in this game?
(b) If you are offered a sure prize of $400 in cash, and you can just take the money without playing the game. What would be your choice? Take the money and run, or play the game? Please explain your decision.