Question: John often sells various items on eBay for extra cash. He is attempting to mail one of his recently sold items at the post office.
John often sells various items on eBay for extra cash. He is attempting to mail one of his recently sold items at the post office. He has a pouch of stamps left over from previous mailings and he desires to use those to mail the package while minimizing the total number of stamps affixed to the package. The post office has measured and weighed the package and determined that the cost to mail the package will be $4.27. He has the following stamp quantities and denominations in his pouch: 6 @ 56 cents, 4 @ 2 cents, 2 @ 58 cents, 5 @ 1 cent, and 3 @ $2.00.
Solve this as an IP problem to minimize the number of stamps used by John. Please solve this in excel using LP solver, show all the excel formular with objective coefficients, optimal solution, constraint, target cost, etc.
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