There are 4 prizes hidden on a game board with 16 spaces ONE

There are 4 prizes hidden on a game board with 16 spaces.  ONE prize is worth $4000, ONE is worth $1500, and TWO are worth $1000.

    But, wait!!! You are also told that, in the rest of the spaces, there will be a bill of $50 that you have to pay to the host as a penalty for not making the \"wise\" choice. In this modern game show, you are actually given a choice, a real choice.

  Choice #1: You are offered a sure prize of $400 cash, and you just take the money and walk away. Period. No question asked.....

     You only get one opportunity to play the game. What would be your choice...take the money and run, or play the game?   How did you make this decision?

Solution

Random winning values: 5000,1500,1000,1000

Corresponding probabilities are all 4/16 =1/4

Expected winning = (5000+1500+1000+1000-50*12)/16 = $493.75

Since the expected winning is not that much better than $400.

Then take the $400 cash and quitting the game is the better option