Question: If Possible please include a step by step in how you completed this, thank you so much for your help. Really trying to nail this

If Possible please include a step by step in how you completed this, thank you so much for your help. Really trying to nail this one down

5. The city of Cleveland, OH, is considering developing a second airport to cater to international flights. It is considering two possible sites, X and Y. Given that the Rock 'n' Roll Hall of Fame is located in Cleveland, Hard Rock Hotels is planning on purchasing land to build a new hotel near the new airport. The value of land has been rising in anticipation and is expected to skyrocket once the city decides between sites X and Y. Consequently, Hard Rock would like to purchase land now. Hard Rock will sell the land if the city chooses not to locate the airport nearby. Hard Rock has four choices: (1) buy land at X, (2) buy land at Y, (3) buy land at both X and Y, or (4) do nothing. Hard Rock has collected the following data (in millions of dollars). What should Hard Rock do to maximize total net profit? Site X Site Y Current price 15 Profits if airport and hotel built at this site 45 30 Sales price if airport not built at this site 9 Probability airport built at this site 0.45 0.55 27

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