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4 (3 Points) You have been asked to recommend one of four strategies in developing a new product. Each strategy requires a different sum of
4 (3 Points) You have been asked to recommend one of four strategies in developing a new product. Each strategy requires a different sum of money to be invested and produces a different profit payoff as shown below. Strategy States of Nature Complete failure Partial Success St -$50,000 -$30,000 S -$80,000 20,000 S3 -$70,000 0 S4 -$150,000 -100000 Total Success $60,000 $40,000 $50,000 $150,000 If the probabilities for each state are 20%, 50%, and 30%, respectively, what strategy would you recommend
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