Do the following problems using either TreePlan.

2. (Taken from Bertismas and Freund.) An art gallery has a valuable painting that it wishes to sell at auction. there will be three bidders for the paining. The first bidder will bid on Monday, the second will bid on Tuesday, and the third will bid on Wednesday. Each bid must be accepted or rejected that same day. If all three bids are rejected, the painting will be sold for a standing offer of $900,000.

The chief auctioneer estimates the first bidder has a 50% chance of bidding $2M and a 50% chance of bidding $3M. For the second bidder, the estimates are 90% chance of bidding $2M and 10% of bidding $4M. For the third bidder, the estimates are 70% of bidding $1M and 30% of bidding $4M.

Justifying your answer via a decision tree, what is the optimal set of decisions in accepting or rejecting bids?