Asking about this question below, and it already included all information you need. Please give me detail answers and explanations in Excel. Thanks so much!

20. Automobile Insurance Damage Claims. The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability led 7 3 0 85 500 04 1000 .04 3000 .03 5000 .02 8000 .01 10000 .01 a. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. b. The insurance company charges an annual rate of $520 for the collision cover- age. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of coverage.) Why does the policyholder purchase a collision policy with this expected value