IND E 513 Problem 1 - SOLUTIONS f) A summary of the monetary worth is presented in the following table: Family's monetary worth at year's end if the scenario is actually: OPTIMAL Drought & Flood and SOLUTION USED Good Weather Drought Flood Early Frost Early Frost Early Frost Good Weather $ 99,367.00 $ 57,117.00 $ 70,417.00 $ 88,767.00 $ 53,717.00 $ 67,367.00 Drought S 76,347.01 S 67,864.00 $ 70,667.11 S 74,173.71 S 66,320.51 $ 69,580.46 Flood S 94,961.63 $ 57,928.41 $ 74,055.00 S 85,175.00 S 54,481.77 S 69,161.73 Early Frost S 99,367.00 $ 57,117.00 70,417.00 S 88,767.00 S 53,717.00 S 67,367.00 Drought & Early Frost S 75,008.80 S 67,858.80 $ 70,328.80 S 73,168.80 S 66,649.00 $ 69,408.80 Flood and Early Frost $ 80,476.18 $ 67,676.21 $ 71,482.86 $ 77,229.52 $ 64,989.54 $ 69,860.00 To be very conservative, choose the solution that maximizes the minimum monetary worth: max (53717, 66320, 54481, 53717, 66649, 64989, = 66649 which is Drought & Early Frost. That may be overly conservative. To maximize the expected monetary worth, we need to assign probabilities to the scenarios. That is the next