Bulloch County has never allowed liquor to be sold in restaurants. However, in $3$ months, county residents are scheduled to vote on a referendum to allow liquor to be sold by the drink. Currently, polls indicate there is a $60\%$ chance that the referendum will be passed by voters. Phil Jackson is a local real estate speculator who is eyeing a closed restaurant building that is scheduled to be sold at a sealed bid auction. Phil estimates that if he bids $$1\mathrm{.}25$ million, there is a $25\%$ chance he will obtain the property; if he bids $$1\mathrm{.}45$ million, there is a $45\%$ chance he will obtain the property; and if he bids $$1\mathrm{.}85$ million, there is an $85\%$ chance he will obtain the property. If he acquires the property and the referendum passes, Phil believes he could then sell the restaurant for $$2\mathrm{.}2$ million. However, if the referendum fails, he believes he could sell the property for only $$1\mathrm{.}15$ million.

Develop a decision tree for this problem.

What is the optimal decision according to the EMV criterion?

Create a strategy table showing how the optimal decision might change if the probability of the referendum passing varies from $0\%$ to $100\%$ in steps of $10\%.$

To which financial estimate in the decision tree is the EMV most sensitive$?$

Solve ONLY $3$ and $4.$ Show the steps while you're doing them in excel with pictures and formulas please