You must decide whether to buy new machinery to produce product X or to modify existing machinery. You believe the proba

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You must decide whether to buy new machinery to produce productX or to modify existing machinery. You believe the probability of aprosperous economy next year is 0.7. Prepare a decision tree anduse it to calculate the expected value of the buynew option. The payoff table is provided below (+ forprofits and - for losses).
When entering the answer, do not use the $ symbol.Do not enter the thousand separator. Enter up to 2 decimal placesafter the decimal point. For example, $6,525.35 must be entered as6525.35