GIVENYou have a business that is in Colorado, and there is a chance that if an avalanche happens, the business will be impacted by it$.$ Your business facility is worth $$6$ million dollars. Experts have told you that the chance that an avalanche will occur is one time every $12$ years.If an avalanche hits, your building will be completely destroyed, and you will have to re$-$build on the existing land. Of the $6$ million, $75\%$ of the value is within the building, $25\%$ is the value of the land $($of course the land does not lose value when an avalanche hits$).$ Based on the information provided, answer the below questions. When there is a formula required, please show the formula you will use, the values for each variable, and the result. For example, if I had a formula $($example fake formula$)$:ABC $=$ AXY $*$ QQWAXY $=5$QQW $=10$ABC $=50$ QuestionsQuestion $15$ pointsWhat is the Asset Value $($AV$)?$How did you determine the AV$?$ Question $2-10$ pointsWhat is the Exposure Factor $($EF$)?$How did you determine the EF$?$ Question $3-10$ pointsWhat is the Annualized Rate of Occurrence $($ARO$)?$How did you determine the ARO? Question $4-10$ pointsWhat is the Single Loss Expectancy $($SLE$)?$How did you determine the SLE? Question $5-10$ pointsWhat is the Annualized Loss Expectancy $($ALE$)?$How did you determine the ALE? Question $6-10$ pointsYou just got some new data the new information is that an avalanche will hit not one every $12$ years, but once every $7$ years.With all other factors being the same, what is the NEW Annualized Loss Expectancy $($ALE$)?$How did you determine the ALE? Question $7-10$ pointsDue to building costs rising and land prices staying somewhat stable, you did a new calculation, and determined your business is now worth $$6,350,000,$ and that the building portion is $80\%$ of the business. Based on this new info, what is the:Single Loss Expectancy $($SLE$)?$How did you determine the SLE? END