Question: Consider the following total profit function: Pr=nPv Where Pr is the total profit, n is the number of vehicles sold and Py is the

Consider the following total profit function: Pr=nPv Where Pr is the total

Consider the following total profit function: Pr=nPv Where Pr is the total profit, n is the number of vehicles sold and Py is the profit per vehicle. PART A Compute 5 iterations of a Monte Carlo simulation given the following information: n follows a uniform distribution with minimum of 1 and maximum 10 Py follows a normal distribution with a mean of $8125 and a standard deviation of $1275 Number of bins: 10 Recall that for all practical purposes we will use 3 std. deviations from the mean as the maximum value for parameters following a normal distribution. Obviously, 5 iterations are not very many. In fact, typically you would simulate 10,000 iterations or so to view meaningful results but I figured that I'd give you a break. What are the ranges for the 10 bins? Fill in the table below: i.) ii.) Parameter Iteration 1 Iteration 2 Iteration 3 Iteration 4 Iteration 5 n Py PT 6 8 2 5 7 $8000 $9100 $2175 $7875 $3175 Bin # $ Range iii.) 1: 6: Fill in the frequency of occurrences of each bin: 2: 7: 3: 8: 4: 5: 9: 10:

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