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Please show formulas that how results come up A car dealer is offering 3 choices for two-year lease plans. Note: for a two-year lease, a

image text in transcribedPlease show formulas that how results come up

A car dealer is offering 3 choices for two-year lease plans. Note: for a two-year lease, a total of 24 monthly payments will be made, plus the extra maileage charges Fixe Monthly Payment Plan Additional Cost per Mile 190 $0. 095 per mile 225 $0. 061 for the first 6, 000 miles; $0. 050 per mile thereafter 200 $0. 000 for the first 6, 000 miles; $0.140 per mile thereafter Assume a car buyer expects to drive between 15, 000 and 35, 000 miles during the next two years according to the following probability ilesdriven Probabilit 12, 000 15, 000 18, 000 21,000 24, 000 0. 25 0. 25 0.2 The car buyer wants to minimize their total cost for the two-year lease contract (monthly payments mileage). a. Cons truct a payoff matrix for this problem b. Complete the following table with which Plan should be chosen accordi Decision Rule Plan Choice aximax Minimax Regret EMV EOL A car dealer is offering 3 choices for two-year lease plans. Note: for a two-year lease, a total of 24 monthly payments will be made, plus the extra maileage charges Fixe Monthly Payment Plan Additional Cost per Mile 190 $0. 095 per mile 225 $0. 061 for the first 6, 000 miles; $0. 050 per mile thereafter 200 $0. 000 for the first 6, 000 miles; $0.140 per mile thereafter Assume a car buyer expects to drive between 15, 000 and 35, 000 miles during the next two years according to the following probability ilesdriven Probabilit 12, 000 15, 000 18, 000 21,000 24, 000 0. 25 0. 25 0.2 The car buyer wants to minimize their total cost for the two-year lease contract (monthly payments mileage). a. Cons truct a payoff matrix for this problem b. Complete the following table with which Plan should be chosen accordi Decision Rule Plan Choice aximax Minimax Regret EMV EOL

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