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1. Artie Siegel, an MBA student, has been having problems balancing his checkbook. His monthly income is derived from a graduate research assistantship; however, he also makes extra money in most months by tutoring undergraduates in their quantitative analysis course. His historical chances of various income levels are shown in the following table: Monthly Income* ($) Probability 350 0.40 0-40 400 0.20 40-60 450 0.30 60-90 500 0.10 90-100 *Assume that this income is received at the beginning of each month. Answer: Used discrete probability distribution to assign each monthly income possibility a range of numbers. See my range above and below in red. Siegel's expenditures also vary from month to month, and he estimates that they will follow this distribution: Monthly Expenses ($) Probability 300 0.10 0-10 400 0.45 10-55 500 0.30 55-85 600 0.15 85-100 He begins his final year with $600 in his checking account. Simulate (do not use your computer) the entire year (12 months) and discuss Siegel's financial picture, i.e., will he be able to keep his head above water--(out of debt)? What is his expected average profit for the 12 months? Use the random numbers below. Random numbers for Income and Expenses Random numbers Random numbers for Income for Expenses 35 99 54 44 73 1 95 80 9 95 19 72 81 75 2 16 76 32

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