City XYZ must decide on whether to invest $500M to build a new sport facility or to invest $250M to upgrade the existing facility. If a new facility is built, there is a 30% likelihood that NHL will approve. What should the city do?
a) Invest $500M in building a new facility
b) Invest $250M in upgrading the existing facility
c) Invest in both options
d) Wait for further information before deciding