Two construction companies are bidding against one another for the right to construct a new community center building in Bloomington, Indiana. The first construction company, Fine Line Homes, believes that tits competitor, Buffalo Valley Construction, will place a bid for this project according to the distribution shown in the file P06_36.xlsx. Furthermore, Fire Line Homes estimates that it will cost $160,000 for its own company to construct this building. Given its fine reputation and long-standing service within the local community, Fine Line Homes believes that it will likely be awarded the project in the event that it and Buffalo Valley Construction submit exactly the same bids. Find the bid that maximizes Fine Line's expected profit. Is a decision tree really necessary? If so, what does it add to the analysis? If not, why not

See P06_36.xlsx file typed below:

Input Data

Fine Line Homes' Cost Estimate is $160,000

Distribution of Possible Competing Bids Buffalo Valley's Bid Probability

$160,000 0.40

$165,000 0.30

$170,000 0.20

$175,000 0.10

Assumption: Fine Line Homes will consider bids at or above their cost estimate

Payoff table for Fine Line, with competing bids along the top and its possible bids along the side

$60,000 $165,000 $170,000 $175,000 EMV

$160,000

$165,000

$170,000

$175,000

0.40 0.30 0.20 0.10

Please show step by step instructions. Do workout in Excel...thanks.