Problem 1 ( 35pts): Suppose that a car-rental agency offers insurance for a week that costs $100. A minor fender bender will cost $3,500, whereas a major accident might cost $16,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a fender bender, or that you would be involved in a major accident. Develop a payoff table for this situation. What decision should you make using each of the following strategies? a) aggressive strategy b) conservative strategy c) opportunity-loss strategy For each problem, use a separate worksheet in your Excel spreadsheet. All calculations/comments/steps/work for each problem must be included in worksheet for the problem. Please remember to upload the Excel file to the module drop box before the posted deadline