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You are on your way to a meeting and are trying to decide if you...

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Accounting

You are on your way to a meeting and are trying to decide if you should try to park in the lot across the building, or to park far away down the road where you are sure you will find a spot. If you pull into a lot and look for a spot, it takes 2 minutes of time to go through that lot, whether you find a parking spot or not.

If you look in the lot that is closer, you have a 30% chance of finding a spot. If you find a parking spot in the closer lot, it then takes you 4 additional minutes to walk to the building after you have parked.

If you look in the lot that is far away, you have a 100% chance of finding a spot. However walking to the building takes you 7 additional minutes after parking.

Assume that if you choose to first look for parking in the close lot and don't find a spot, you will then go to the far lot.

Q1: What is the best strategy for searching for a parking spot: should you go directly to the far lot, or should you check the close lot first? Demonstrate this with the expected amount of time used.

Q2: Suppose that your meeting starts in 8 minutes, and your manager locks the door right when the meeting starts, so if you are even 1 minute late, you will miss the meeting. Does this affect which strategy is best?

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