Obtaining uniform random numbers as instructed at the beginning of the Problems section, generate four random observations from an exponential distribution with mean 1 Then use these four observations to generate one random observation from an Erlang distribution with mean 4 and shape parameter k 4...

Obtaining uniform random numbers as instructed at the beginning of the Problems section, generate four random observations

Question:

Obtaining uniform random numbers as instructed at the beginning of the Problems section, generate four random observations from an exponential with mean = 1. Then use these four observations to generate one random observation from an Erlang with mean = 4 and shape parameter k = 4.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...