There is dead money in the pot.
You don't need 50% equity. There's over $2 dead in the pot on your decision.
You have
$7.07 - $0.55 = $6.52
behind
Villain has you covered, so f you jam and Villain calls, the pot will be
2*$7.07 + $0.02 = $14.16
So you'd be betting $6.52 to win a pot of $14.16
If you jam, AND IF Villain calls, you only need...
$6.52/$14.16 = 46%
So you will break even (ignoring rake) in the long run if you have 46% total equity. If you have 40% equity against Villain's calling range and a decent amount of fold equity, then you are making a +EV play.
What ranges do you put Villain on for a UTG open 5-handed, then the 4-bet range, then the call a 5-bet jam range?
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