A grinding machine has two bearings that fail periodically. The probability distribution of the life of both bearings is identical and is shown in the following table:

When a bearing fails, a repair technician is called to replace the failed bearing with a new bearing. The service time it takes to remove the failed bearing and install a new bearing is a random variable that has a probability distribution shown in the following table:

The repair technician charges an hourly rate of $40 for his service. The downtime costs on the grinding machine as a result of a failed bearing is $1,000 per hour. Management has decided to replace both bearings even if only one of the two fails. Conduct a simulation study of 10 trials of bearing replacement, and compute the total cost.

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Life of the Bearing (in hours) Probability 1,200 800 900 1,000 1,100 1,300 1,400 1,500 1,600 1,700 0.05 0.12 0.15 0.05 0.02 0.08 0.25 0.03 0.20 005 Service Time (in minutes) 10 15 20 0.20 0.40 0.30 0.10 Probability