You own a car whose value is $22, 500. You may experi- ence a {i} minor accident with an average loss of $2, 900 in the car value; {ii} moderate accident with an average loss of $5, 500 In the car value; {iii} a major accident with an average loss of $3,100 in the car value, or (iv) no accident at all. There are three insurance plans available for purchase: [i] mandatory insurance with the premium or,\" that pays you hack only $2,900 in case of any accident, and nothing if no accident happens; [ii] partial coverage with the premium 'PTP that pays you back $2,900 in case of the minor accident, $5,000 in case of the moderate or major accident, and nothing if no accident happens; and [iii] full coverage with the premimn y that completely covers your loss in case of any accident, and pays nothing if no accident happens. Buying no insurance is not an option according to Texas laws. Hence, you have three available actions: mandatory insurance {at}, partial coverage [p], or full coverage [f]. 1. [5 points) Consider the same setting as in Problems 2 and 3 in Homework 1. ln Problem 3, you calculated the random wealth for each type of insurance contract. Suppose that your utility of wealth is HEW] = Calculate the expected wealth and expected utility of wealth for each of the three available insurance contracts. Which of the insurance plans maximizes your expected wealth? Which of the insurance plans maximizes your expected utility