Question: Please explain and answer below question of Monte Carlo Simulation You just bought an expensive car and now need to buy auto insurance. You are

Please explain and answer below question of Monte Carlo Simulation

You just bought an expensive car and now need to buy auto insurance. You are considering two insurance policies, the first one has a deductible of Rs.10000 and yearly premium of Rs.820 and the second one has a deductible of Rs.5000 and a yearly premium of Rs.1500. Each year there is a probability of 0.3 of having an accident. The damage amount if an accident occurs follows the discrete probability distribution given below:

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