You are planning to rent a car for a one-week vacation. You have the option of buying an insurance that costs $80 dollars for a week. If you do not purchase insurance, you would be personally liable for any damages. You anticipate that a minor collision will cost $2,000, whereas a major accident might cost $16,000 in repairs. a. Develop a payoff table for this situation. What decision should you make using each strategy? i. Aggressive (Optimistic) ii. Conservative (Pessimistic) iii. Opportunity Loss i. You have recently read in a magazine that that the probability of a major accident is 0.05% and that the probability of a minor collision is 0.16%. Construct a decision tree and identify the best expected value decision.