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Suppose that a car-rental agency offers insurance for a week that costs $110. A ist K minor fender bender will cost $3,200, whereas a major accident might cost $16,500 in repairs. Without the insurance, the renter would be personally liable for any damages. There are two decision alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that the renter would not be involved in an accident, that the renter would be involved in a fender bender, or that the renter would be involved in a major accident. The accompanying table provides the payoff of each scenario for both decisions. Compute the standard deviation of the payoffs for each decision. What does this say about the risk in making the decision? Click the icon to view the payoff table. Compute the standard deviation of the payoffs for the renter taking the insurance. $ (Round to the nearest cent as needed.) Payoff Table X No Accident Fender Bender Major Accident Take Insurance $110 $110 $110 Don't Take the Insurance $0 $3,200 $16,500 Print Done