Question: Please use R to solve this. For set.seed(), or the initial seed, use 4901 and run 10,000 iterations. Will upvote best answer. 5. (20 points)

Please use R to solve this. For set.seed(), or
Please use R to solve this. For set.seed(), or the initial seed, use 4901 and run 10,000 iterations. Will upvote best answer. 5. (20 points) A salesperson in a large bicycle shop is paid a bonus if he sells more than 4 bicycles a day. The probability of selling more than 4 bicycles a day is only 0.40. If the number of bicycles sold is greater than 4, the distribution of sales is as shown in the table below. The shop has four different models of bicycles. The amount of the bonus paid out varies by type. The bonus for model A is $10; 40% of the bicycles sold are of this type. Model B accounts for 35% of the sales and pays a bonus of $15. Model C has a bonus rating of $20 and makes up 20% of the sales. Finally, model D pays a bonus of $25 for each sale but accounts for only 5% of the sales. Develop a simulation model to calculate the bonus a salesperson can expect in a day. There is no bonus for selling the first 4 bicycles. # of Bicycles Sold 5 6 Probability 0.35 0.45 0.15 0.05 7 8 1 a) List your R simulation codes here. b) What is your simulation output result

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!