Question 4 (Credit question) A plumber has a choice the choice of installing a budget pipe at a cost of 2200, a safe pipe at a cost of 3200 or an extremely safe pipe at a cost of 5000 in a private house. If the pipe should break the cost of the damage would be 600000. In the case of a budget pipe an accident will occur in one out of one hundred installations. In the case of a safe pipe an accident will occur in one out of two hundred installations. In the case of an extremely safe pipe an accident will occur in one out of three hundred installations. Extablish which pipe our plumber should choose to avoid negligence and liability for damages. Provide calculations and discuss the economic reasoning behind your ndings. (25p)