Exercise 1 (45 points) Bonoua Development Corporation (BDC) purchased land that will be the site of a new luxury condominium complex. The location provides a spectacular view of the Comoe Triangle where three rivers meet. BDC plans to price the individual condominium units between $50,000 and $200,000. BDC commissioned preliminary architectural drawings for three different-sized projects: one with 30 condominiums, one with 60 condominiums, and one with 90 condominiums. The financial success of the project depends upon the size of the condominium complex and the chance event concerning the demand for the condominiums. The statement of the BDC decision problem is to select the size of the new luxury condominium project that will lead to the largest profit given the uncertainty concerning the demand for the condominiums. A factor in selecting the best decision alternative is the uncertainty associated with the chance event concerning the demand for the condominiums. When asked about the possible demand for the condominiums, BDC's president acknowledged a wide range of possibilities but decided that it would be adequate to consider two possible chance event outcomes: a strong demand and a weak demand. The payoff table with profits expressed in millions of dollars is shown in the table below. Note, for example, that if a medium complex is built and demand turns out to be strong, a profit of $14 million will be realized.