Hello,

Here is a simulation question I have:

1. Construct a simulation table to simulate 28 days of the banking simulation similar to the one in class. The initial balance is $1600. Each week a withdrawal of $225 is made for living expenses, starting on day 7. A withdrawal of $50 (for additional expenses) is made from the ATM randomly, according to an inter arrival time that is given by an exponential distribution with mean of 4 days (i.e., use -4 ln( R ), where R is uniformly distributed). Determine the average balance in the account over the 28 day period. You may use RAND() values from Excel. Rounding the dates to a single decimal place should not affect the answer significantly.