Neco 2020 Geography Question 15

A region is exposed to three environmental hazards with the following probability of occurrence in a 10‑year period (\(P\)) and potential economic loss (\(L\)) in million Naira: - Flood: \(P = 0.3\), \(L = 120\) - Landslide: \(P = 0.1\), \(L = 250\) - Drought: \(P = 0.4\), \(L = 80\) The risk rating is \(R = P \times L\). The government can spend a mitigation budget \(B\) (million Naira) to reduce the probability of each hazard by a factor \((1 - 0.05 B_i)\), where \(B_i\) is the amount allocated to that hazard, but the probability cannot be reduced by more than 50 % of its original value. The total available budget is 10 million Naira (\(\sum B_i = 10\)). Determine the allocation \((B_{\text{flood}}, B_{\text{landslide}}, B_{\text{drought}})\) that minimizes the total risk after mitigation, and give the resulting total risk (in million Naira). Round each allocation to one decimal place.