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3. Given the following payoff matrix: A B C D E Payoff Matrix Economy Investment Decline Expand EMV A 80 24 B 30 70 42

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3. Given the following payoff matrix: A B C D E Payoff Matrix Economy Investment Decline Expand EMV A 80 24 B 30 70 42 C 50 35 46.5 Bank 20 20 20 10 Probability 0.7 0.3 11 12 Payoff of decision made with perfect information: 13 14 EVPI: EVPI a. What is the expected value with perfect information for the investor? b. What is the expected value of perfect information for the investor

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