Please specify which one is more profitable: onshore or offshore D-Solar, a German manufacturer of solar panels, faces a plant location decision in a global network with fluctuating exchange rates and demand uncertainty (whether to build a plant in Europe or China). - Demand in the Europe market is currently 1,000,000 panels per year. - Each panel sells for 50 euros. - From one year to the next, demand in the Europe market may increase by 20% with probability 0.5 or decrease by 20% with probability 0.5 . - No matter the plant is built in Europe or China, D-Solar plans to build a plant with a rated capacity of 1,200,000 panels. The fixed and variable costs of two plants are as follows: - Current exchange rate: 13 yuan/euro European plant is more expensive - The European plant will be able to increase or decrease production anywhere in the range of 600,000 to 1,500,000 panels while maintaining its variable cost. - The Chinese plant will have limited volume flexibility and can produce only between 1,000,000 and 1,300,000 panels. - Each year, the yuan is expected to rise 5 percent with a probability of 1 . - The discount rate is 0.15 . Note: please submit ONLY ONE Excel file including (1) two excel sheets one for onshore option (3 points) and the other one for offshore option (3 points), and (2) snapshot of your decision tree graph plus calculations for each branch (1 point)