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Answer questions below based on the following decision tree. This decision tree represents the decision of buying one of three types of medical insurance for a ctitious person, Hiram. The probabilities listed were determined by Hiram as the likelihood of each type of medical event happening to them in a given year. We will assume that only one type of medical event will happen to Hiram each year, and they are mutually exclusive. The cost per year of each insurance is listed by the arrows from the decision block. The cost to Hiram for each event is listed in the green box at the terminal node of each branch. Doctor's Visit Only p = 0.9 \"my 53 ER Visit a M... comm Medical ' ' Insurance Large Medical $8000 Emergency P = 0.01 beduwblee$95 Doctor P = 0.9 Catastrophic nsurance a p = 0_09 $600 $365 Emergency P = 0.01 Self-Insure $0 DoctorP=o.9 '7 3i ER i: Emergency P = 0.01 A. Compute the expected value of self-insure, catastrophic health insurance and standard medical insurance. B. Which option should Hiram choose based on the expected value and why? C. Compute the risk associated with each decision scenario (self-insure and buying insurance). (Hint: standard deviation = '2]- Outcomej2 x P0") [EV(X)]2 ) D. Which option would you recommend to Hiram to select based on your risk analysis result and why? Scanned with CamScanner