Final answer:
Carmen should create the decimal 0.764 to play for 'more' and 0.246 to play for 'less', using the digits 4, 7, 6, 0, and 2 in the game to get the highest and lowest values respectively.
Step-by-step explanation:
The student, Carmen, has the digits 4, 7, 6, 0, and 2 to use in a game where she needs to make a decimal number less than 1. To play for 'more,' Carmen should create the largest decimal possible with the digits she has, which would be 0.764. The digit 7 is the largest followed by 6 and then 4, so placing them after the decimal point from left to right creates the highest value decimal.
In contrast, to play for 'less,' Carmen would want to make the smallest decimal possible. This would be 0.246, with the digits 2, 4, and 6 being placed after the decimal point in ascending order to get the smallest value decimal. It's important to remember that when dealing with decimal placement, each position to the right becomes ten times less than the digit before it, hence ordering the digits correctly is crucial for getting the maximum or minimum value as per game rules.