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Question: Set Up Each Problem On A Separate Sheet In The Same Excel Workbook And Use. Set up each problem on a separate sheet in the same Excel Workbook and use Excel's Solver to derives solution where appropriate. Insert a text box on the spreadsheet to provide any written explanations. An amusement park had a ride malfunction that resulted in a guest being seriously injured. The guest has secured legal representation from a law firm to pursue a lawsuit against the amusement park. The park manager has sought legal counsel that has advised there are 4 possible scenarios if the case goes to court: an award to the plaintiff of $500,000, an award to the plaintiff of $250,000, an award to the plaintiff of $100,000, or a $50,000 award to the plaintiff. The legal counsel estimates the likelihood of a $500,000 award to be 25%, the likelihood of a $250,000 award being 35%, with the remaining two being equally likely. It will cost $50,000 in legal expenses if the case goes to court. Legal counsel also anticipates an out-of-court settlement may be possible. Legal counsel can offer an amount to the plaintiff to be paid by the amusement park in exchange for the plaintiff waiving the right to sue in the future. If an out-of-court settlement is sought, legal counsel anticipates two equally likely scenarios: the plaintiff is optimistic or pessimistic. If the plaintiff is optimistic, the plaintiff believes there is a 70% chance the award will be $500,000 and an equally likely chance of one of the other amounts, if the case goes to court. If the plaintiff is pessimistic, the plaintiff believes there is a 40% chance the award will be $50,000 and an equally likely chance of one of the other amounts, if the case goes to court. Legal counsel indicates it is reasonable to assume the plaintiff is risk averse such that there utility of income is UC) - It will cost $25.000 in legal expenses to pursue an out-of-court settlement. There is only one chance to make an offer for an out-of-court settlement. If it is rejected, the case will go to court Create a spreadsheet to show your work for all calculations required to answer the following questions. Write your answers to questions in textboxes on the same spreadsheet. a) b) What is the expected cost to the amusement park of going to straight court? What is the expected cost of going to court if an out-of-court settlement is pursued and rejected by the plaintiff? (10 pts) What are the minimum out-of-court settlement offers the plaintiff will accept if they are optimistic and pessimistic assuming the plaintiff is risk averse? What is the likelihood of each being accepted? Which of the expected out-of- court settlements is less than the expected cost of going straight to court from part A, accounting for legal expenses? (10 pts) Question: Set Up Each Problem On A Separate Sheet In The Same Excel Workbook And Use. Set up each problem on a separate sheet in the same Excel Workbook and use Excel's Solver to derives solution where appropriate. Insert a text box on the spreadsheet to provide any written explanations. An amusement park had a ride malfunction that resulted in a guest being seriously injured. The guest has secured legal representation from a law firm to pursue a lawsuit against the amusement park. The park manager has sought legal counsel that has advised there are 4 possible scenarios if the case goes to court: an award to the plaintiff of $500,000, an award to the plaintiff of $250,000, an award to the plaintiff of $100,000, or a $50,000 award to the plaintiff. The legal counsel estimates the likelihood of a $500,000 award to be 25%, the likelihood of a $250,000 award being 35%, with the remaining two being equally likely. It will cost $50,000 in legal expenses if the case goes to court. Legal counsel also anticipates an out-of-court settlement may be possible. Legal counsel can offer an amount to the plaintiff to be paid by the amusement park in exchange for the plaintiff waiving the right to sue in the future. If an out-of-court settlement is sought, legal counsel anticipates two equally likely scenarios: the plaintiff is optimistic or pessimistic. If the plaintiff is optimistic, the plaintiff believes there is a 70% chance the award will be $500,000 and an equally likely chance of one of the other amounts, if the case goes to court. If the plaintiff is pessimistic, the plaintiff believes there is a 40% chance the award will be $50,000 and an equally likely chance of one of the other amounts, if the case goes to court. Legal counsel indicates it is reasonable to assume the plaintiff is risk averse such that there utility of income is UC) - It will cost $25.000 in legal expenses to pursue an out-of-court settlement. There is only one chance to make an offer for an out-of-court settlement. If it is rejected, the case will go to court Create a spreadsheet to show your work for all calculations required to answer the following questions. Write your answers to questions in textboxes on the same spreadsheet. a) b) What is the expected cost to the amusement park of going to straight court? What is the expected cost of going to court if an out-of-court settlement is pursued and rejected by the plaintiff? (10 pts) What are the minimum out-of-court settlement offers the plaintiff will accept if they are optimistic and pessimistic assuming the plaintiff is risk averse? What is the likelihood of each being accepted? Which of the expected out-of- court settlements is less than the expected cost of going straight to court from part A, accounting for legal expenses? (10 pts)