A car dealership is offering the following three 2-year leasing options: Plan I: Fixed Monthly Payment is $200 per month. Additional cost per mile is…

A car dealership is offering the following three 2-year leasing options:Plan I: Fixed Monthly Payment is $200 per month. Additional cost per mile is $0.095 per milePlan II: Fixed Monthly Payment is $300 per month. Additional cost per mile is $0.061 per mile for the first 6,000 miles. After that is $0.050 per mile.Plan III: Fixed Monthly Payment is $170 per month. No additional cost per mile for the first 6,000 miles. After that is $0.14 per mile.Assume a customer expects to drive between 15,000 to 35,000 miles during the next 2 years according to the following probability distribution:Probability (Driving 15,000 miles) = 0.15Probability (Driving 20,000 miles) = 0.20Probability (Driving 25,000 miles) = 0.35Probability (Driving 30,000 miles) = 0.15Probability (Driving 35,000 miles) = 0.15Construct a payoff matrix for this problem.Construct a regret table and report what decision should bemade according to the Minimax regret approach. What decision should be made according to the expected valueapproach?What is the EVPI for this problem?

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