$4)$ Ferry Holmes has been thinking about starting his own independent gasoline station. Ferry's problem is to decide how large his station should be$.$ The annual returns will depend on both the size of the station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Ferry developed the following table:

SIZE OF FIRST STATION GOOD MARKET MODERATE MARKET POOR MARKET

Small $$60,000$ $$20,000$ $$10,000$

Medium $$80,000$ $$40,000-$$$10,000$

Large $$120,000$ $$30,000-$$$30,000$

Very Large $$250,000$ $$35,000-$$$170,000$

Probability $0\mathrm{.}500\mathrm{.}300\mathrm{.}20$

Set up a spreadsheet to find the best decision using:

a$)$ Maximax.

b$)$ Maximin.

c$)$ Equally likely.

d$)$ Expected value.

e$)$ Minimax Regret.