The AB Charity is planning its annual campaign to raise money through a direct-mail appeal. The direct-mail appeal will involve sending out 50,000 letters to selected people. To encourage donation, these will include a free ballpoint pen displaying the charity's logo. The fixed costs of the campaign and the cost of sending out each letter are known for certain to be $2000 and $1, respectively. However, the charity's managers have had to estimate probability distributions for the following two factors: The percentage of people who will reply to the letter. Percentage of people who will reply to the letter Probability 10% 0.50 20% 0.20 30% 0.15 40% 0.10 50% 0.05 The average donation of those replying to the letter. Average donation ($) Probability $5 0.40 $8 0.25 $15 0.20 $20 0.15 Create a set of possible risk management strategies that might reduce the risk of the charity losing money and increase its expected return. Based on the result of the risk management, what action you would recommend? Please do each STEP excel