A person is opening a boat rental business on a newly formed lake on the Queens College campus and needs to decide the number of boats to purchase. Because of economic order quantities (to be covered in a later lesson in Accounting 306) the boats are best purchased in lots of ten. Profits are estimated based on how well the lake's fish population develops as follows: Boats 1000 500 1000 2500 (1) If maximax strategy is used, how many boats should be purchased? a. 10 b. 20 c. 30 d. 10 or 20 e. 20 or 30 (2) If maximin strategy is used, how many boats should be purchased? a. 10 b. 20 c. 30 d. 10 or 20 e. 20 or 30 (3) If equally likely strategy is used, how many boats should be purchased? a. 10 b. 20 c. 30 d. 10 or 20 e. 20 or 30 (4) If it's felt that there's 30% chance that the fish population will be good, what's the highest expected value (EV)? a. S500 b. $900 c. $1000 d. $1100 e. S1600