Table 4 below shows the present values in million) of five investment projects at different future interest rates. Table 4 Future interest rate Project 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% A 80.10 75.81 71.86 68.21 64.83 61.70 58.80 00 B 81.55 76.65 72.18 68.09 64.35 60.92 57.76 79.00 74.01 69.47 65.35 61.59 58.16 55.02 m 0 0 D 79.72 75.19 71.03 67.21 63.70 60.46 57.47 85.82 78.73 72.52 67.05 62.21 57.92 54.10 Probability 0.05 0.2 0.2 0.2 0.15 0.1 0.1 a) Calculate the expected present value of each project. Which project maximises the expected value? Would you choose to proceed with this one? (7 marks) b) Calculate the maximin and the maximax criteria. (6 marks) c) Calculate the minimax regret criterion. When would this criterion be applied? (9 marks) d) Calculate the expected value of perfect information. What does it describe? (3 marks) Table 4 below shows the present values in million) of five investment projects at different future interest rates. Table 4 Future interest rate Project 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% A 80.10 75.81 71.86 68.21 64.83 61.70 58.80 00 B 81.55 76.65 72.18 68.09 64.35 60.92 57.76 79.00 74.01 69.47 65.35 61.59 58.16 55.02 m 0 0 D 79.72 75.19 71.03 67.21 63.70 60.46 57.47 85.82 78.73 72.52 67.05 62.21 57.92 54.10 Probability 0.05 0.2 0.2 0.2 0.15 0.1 0.1 a) Calculate the expected present value of each project. Which project maximises the expected value? Would you choose to proceed with this one? (7 marks) b) Calculate the maximin and the maximax criteria. (6 marks) c) Calculate the minimax regret criterion. When would this criterion be applied? (9 marks) d) Calculate the expected value of perfect information. What does it describe