Use excel to answer the following question. Suppose that a car$-$rental agency offers insurance for a week that costs $$100.$ A minor fender bender will cost $$3,500,$ whereas a major accident might cost $$16,000$ in repairs. Without the insurance, you would be personally liable for any damages. Clearly, there are two decision

alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a minor accident, or that you would be involved in a major accident. Develop a payoff table for this situation. What decision should you make using each of the following strategies?

a$.$ aggressive strategy

b$.$ conservative strategy

c$.$ opportunity$-$loss strategy

All necessary information is included in the photos. The same chart is pictured twice, one with the excel functions and one with the corellating values. Please provide the correct excel formulas for the red cells.