Excel/ data modeling

7. (15 Points) The Excel model for this question is optional, you can solve this by hand if you so choose. You haver been saving some money you want to invest. The COVID-19 pandemic is almost over and you have determined the following payoff utilities for the alternatives and the probable economic condition you face: State of Nature D.1 0.2 0.7 Decision Better Econ Stable Econ Worse Econ Alternative Conditions Conditions Conditions Savings Account 500 500 500 Existing Business 700 600 450 Start up Business 950 600 100 Home repair Business 300 800 800 What is the payoff and decision for the following criteria? Optimistic: Decision Payoff Conservative: Decision Payoff Equal Likelihood: Decision Payoff MiniMax regret: Decision Payoff Expected Value: Decision Payoff Expected Opportunity Loss: Decision Payoff What is the Expected value of perfect information