You have chosen biology as your college major because you would
like to be a medical doctor. However, you find that the probability
of being accepted to medical school is about 16 percent. If you are
accepted to medical school, then your starting salary when you
graduate will be $316,000 per year. However, if you are not
accepted, then you would choose to work in a zoo, where you will
earn $44,000 per year. Without considering the additional years,
you...