Twelve thousand dollars are to be applied to a student's educational expenses in the following way:...

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Twelve thousand dollars are to be applied to a student's educational expenses in the following way: Between $2,000 and $4,000 for books Between $3,000 and $6,000 for tution Between $2,000 and $3,000 for ttors Between $1,000 and $4,000 for computer equipment The allocation is to be made in whole thousands of dollars for each category. His family has quantified the anticipated payoffs in terms of increased future annual earnings as follows: Book Book tution 2k 3k Invested Return Invested Return Invested Return Invested 4k 5k 10k 11k 3k 4k 5k tution ttors 6k 8k 11k 14k 17k 2k ttors 3k 4k Computer Computer Equipement Equipement 6k 1k 2k 3k 4k Return 4k 6k 10k 13k Formulate with BACKWARD DYNAMIC PROGRAMMING model to determine the optimal allocation of the $12,000. Twelve thousand dollars are to be applied to a student's educational expenses in the following way: Between $2,000 and $4,000 for books Between $3,000 and $6,000 for tution Between $2,000 and $3,000 for ttors Between $1,000 and $4,000 for computer equipment The allocation is to be made in whole thousands of dollars for each category. His family has quantified the anticipated payoffs in terms of increased future annual earnings as follows: Book Book tution 2k 3k Invested Return Invested Return Invested Return Invested 4k 5k 10k 11k 3k 4k 5k tution ttors 6k 8k 11k 14k 17k 2k ttors 3k 4k Computer Computer Equipement Equipement 6k 1k 2k 3k 4k Return 4k 6k 10k 13k Formulate with BACKWARD DYNAMIC PROGRAMMING model to determine the optimal allocation of the $12,000.

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Let x1 x2 x3 and x4 denote the amount invested in books tuition tutors and computer equipment respec... View the full answer