4 At the beginning of 2004, the United States has B barrels of oil. If x barrels...

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4 At the beginning of 2004, the United States has B barrels of oil. If x barrels of oil are consumed during a year, then consumers earn a benefit (measured in dollars) of u(x). The United States may spend money on oil exploration. If d dollars are spent during a year on oil exploration, then there is a probability p

(d) that an oil field (containing 500,000 barrels of oil) will be found. Formulate a recursion that can be used to maximize the expected discounted benefits less exploration expenditures earned from the beginning of 2004 to the end of the year 2539.

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