Decision trees (S10.3) There is a 50% chance that an oil field is rich and to produce up to $8.0 nillion of oil, and a 50% chance not to be rich and to produce $2.0 million. It costs $3 million to produce oil regardless of the production level. We can spend $100,000 on a seismic test to verify the expected amount of oil level underground. We would like to investigate if it is worth to spend on this test. Use a decision tree to verify your answer. - What is the profit if the oil field is rich? \$ million (enter a value in x.x format) - What is the profit if the oil field is not rich? \$ million (enter a value in xx format) - What is the 'expected' profit (meaning considering the outcome probabilities) if we do not do the seismic test? $ million (enter a value in the x.x format) - What is the 'expected' profit if do the seismic test? Note that if the seismic test indicates that the oil field produces low levels, we can abandon the project. $ million (enter a value in x.x format) - What is the value of the expected value of this seismic test? \$ million (enter a value in x.x format) - Is it worth to spend on this test (Y/N)