Please help to solve this MCQ.

Detailed explanations for each option (why it's correct or wrong) are required.

Thanks!

3. A consumer's utility function is u = where y refers to wealth. He has an asset W, which may lose 50% of its value with probability 25% or may remain intact with 75% probability. The consumer has three options: (i) Buy insurance against loss from a perfectly competitive market. (ii) Sell the asset to an investor. (iii) Do nothing and live with the risk. The consumer should do the following: a) Sell the asset if an investor offers to buy it at a price of 0.9 W. b) Do nothing and live with the risk. c) Buy insurance and do not sell the asset unless the investor offers 0.948W or more. d) Buy partial insurance and live with little bit of risk