Pink Floyd has decided to lease a yacht because he loves it. A dealer has several leasing options. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $142.57, a total mileage allowance of 39,123 miles and a cost of $0.59 per mile for any miles over 39,123. The following table summarizes each of the three lease options: 3-YEAR LEASE Option 1 Option 2 Option 3 MONTHLY COST $ 142.57 234.59 489.28 MILEAGE ALLOWANCE COST PER EXCESS MILE ($) 39,123 49,456 59,789 0.59 0.69 0.79 Pink Floyd has estimated that, during the 3 years of the lease, there is a 30% chance they will drive an average of 13,041.00 miles per year, a 38% chance they will drive an average of 16,485.33 miles per year, and a 32% chance that they will drive 19,929.67 miles per year. In evaluating these lease options, Pink Floyd would like to keep their costs as low as possible (a) Develop a payoff (cost) table for this situation (b) What decision would Pink Floyd make if they were optimistic? (c) What decision would Pink Floyd make if they were pessimistic? (d) What decision would Pink Floyd make if they wanted to minimize his expected cost (monetary value)? (e) Calculate the expected value of perfect information for this problem.