Problem Use backwards induction to solve for the profit to player from this game of 4 cards. Solution Determine probabil

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Problem Use backwards induction to solve for the profit to
player from this game of 4 cards. Solution Determine probability of
each path. Work backwards: node 12, 7, 8, 3, 4, 5, 1, 2, 0. Compare
cash in hand to expected value to decide to play or to stop. Hint
The value for 2-cards is $0.50. And the value for 52-cards is
$2.52. The value for 4-cards is in between these values.
Questions 1. What is the expected profit at node 0 (value of the
game)?
2. What is the most money the player can receive and what cards
would produce this?
3. What is the most money the player can lose?
4. Where did we use iterated expectations?
5. Where did we use rational expectations?
6. What is the most you would pay to play this game?
please answer all questions!