Use a Payoff Table or Decision Tree

Multiple Choice

Use a payoff table or decision tree.
-A land owner is considering a community development project in the southeastern U.S.
He is faced with two alternatives: (1) build detached homes in a planned retirement
Community or (2) build a smaller townhouse / condominium complex. Mortgage interest
Rates will affect his outcomes and the payoff (in $ millions) table is shown below.
According to the maximin approach, the land owner should

A) build the active retirement community if interest rates go down.
B) build the active retirement community.
C) build townhouses / condominiums if interest rates go down.
D) build townhouses / condominiums.
E) build either the active retirement community or townhouses / condominiums.