The following partially completed spreadsheet contains information for computing an annual budget. Is this a deterministic or stochastic model and why?

A B

$1$ Ramirez Monthly Budget

$2$

$3$ Variables:

$4$ Annual salary $ $54,900\mathrm{.}00$

$5$ One$-$time bonus $ $10,000\mathrm{.}00$

$6$ Fixed expenses $50\%$

$7$ Salary savings $10\%$

$8$ Bonus savings $50\%$

$9$

$10$ Annual Estimates

$11$ Savings

$12$ Spending money

Multiple Choice

deterministic because some randomness is incorporated in the model; therefore, the model will produce different outputs even with the same inputs

deterministic because all model parameters are known with certainty, and the output of the model is fully determined by the model parameters

stochastic because all model parameters are known with certainty, and the output of the model is fully determined by the model parameters

stochastic because some randomness is incorporated in the model; therefore, the model will produce different outputs even with the same inputs