Question: Build a decision tree to help you decide if you want to purchase a new car or a used car. The biggest concern or risk
Build a decision tree to help you decide if you want to purchase a new car or a used car. The biggest concern or risk with purchasing a used car is the potential need for repairs and not knowing about any previous problems the car might have had. There is a 40% chance that a used car will need to be repaired within a one-year period; however, there is a 90% chance that the new car will not need any repairs during the same period. The cost for a used car is $7,500, and the cost for a new car is $15,000.New Car vs. Used Car Use the information in the table below to decide whether you should buy a used car versus a new car. Pick the decision with the lower investment required. Create a decision tree to show outcomes for each decision node using the SilverDecisions websiteLinks to an external site.. Note: While the SilverDecisions tool is intuitive, you can find a manual hereLinks to an external site.. Calculate the expected value of each outcome and show your calculations (Probability x Impact). Export your decision tree as a .png file and save it on your computer. Explain the best option based on the outcome and why.

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