Lee has $1000 to invest and you can nuy a GIC, RIM shares or Gold. The one year payoff depends on the State of the economy. For example, if Bruce bought gold and recession hits, then Lee will end up with $1600 so he makes $600 for the year.

State of economy	GIC	RIM	Gold
Recession	1100	1000	1600
No growth	1100	1100	300
Normal growth	1100	1500	1400

(a). Which investment should Lee make if he was a pessimist?

(b). Which investment should Lee make if he takes a minimax target approach?

(c). Suppose the probability of a recession is 0.4. What is the range of the probability of "no growth" for Lee to buy gold?

please answer a-c,