2. Decision Tree JTM really liked your work on the option pricing of the gates, so they ask you to look at their 3-phase expansion at their home airport. The three phases are: A. Upon purchase of the new gates, start a marketing program to promote JTM's routes to the East Coast, West Coast, and the Caribbean. If all goes well and the market is receptive, they will go on to phase 2 B. Phase 2 has JTM invest in new routes to the destinations listed. If at any time, JTM finds that this is not going to work, they will pull the plug on everything. C. Phase 3 has JTM start the new routes to the destinations listed. If things don't go well on any of the three destinations, they will pull the plug on everything. D. After much work with other departments, you generate enough data to calculate the NPV of the 3-phase expansion. Before you have a chance to save all your work, there is a power spike and you lose part of your work. You have to complete it for a presentation. Please use the Excel template provided to complete this. D E F G K L M N 0 JTM Airport Expansion Start Phase 1 Phase II PV of Revenues 445 44 Costs Net Expected Value Phase III Success 55% Probability East Coast 35% 20 Failure 45% 20 Success 68% 345 21 West Coast 20% 11 Failure 32% 14 Success 66% 32 450 Success 88% 22 Caribbean 35% 20 Start Failure 12% 18 8 1 2 3 4 S 26 27 28 29 30 31 32 33 Failure 10% 12 Failure 34% 10