QUESTION 1 (17 marks) Question a A hotel can accommodate 500 tourists maximum per week and operates during the year without break. The weekly fees per tourist are for extra special package 3500, special package 2800, normal package 2100, basic package 1400 euros. The budgeted occupancy is 55% for extra special package, 65% for special package,75% for normal package and 85% for basic package. There are four levels levels of direct labor costs 500, 700, 900 and 1100 euros and four levels of other variable costs of 300, 500, 600 and 700 euros. Required i. Show budgeted contribution for each possible scenario (8 marks) ii. Using Maximax, Minimax and Minimax Regret decision rules, design the strategy of the company regarding fees charged (3 marks) Question b Describe the financial and non-financial performance measures a company can use in order to evaluate its performance (2 marks) Question c Describe the operation of an environmental management system (2 marks) Question d Explain the nominal rate of interest, the real rate of interest and the effective annual rate of interest. (2 marks)