Question: We all hate to keep track of small change. By using random numbers, it is possible to eliminate the need for change and give the

We all hate to keep track of small change. By using random numbers, it is possible to eliminate the need for change and give the store and the customer a fair deal. This problem indicates how it could be done.
a. Suppose that you buy something for $0.20. How could you use random numbers (built into the cash register system) to decide whether you should pay $1.00 or nothing?
b. If you bought something for $9.60, how would you use random numbers to eliminate the need for change?
c. In the long run, why is this method fair to both the store and the customers? Would you personally (as a customer) be willing to abide by such a system?

Step by Step Solution

★★★★★

3.46 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGene... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

415-M-S-S-M (187).xlsx

300 KBs Excel File

Students Have Also Explored These Related Statistics Questions!

Suppose that we wish to keep track of a point of maximum overlap in a set of intervalsa point that has the largest number of intervals in the database overlapping it. a. Show that there will always...

Why do banks not eliminate the need for money markets?

Suppose the intramural league wants to keep track of the first season that a team played in the league. Make that addition to Team Season for the data shown in Figure 4-29. Explain why the table now...

We all hate to keep track of small change. By using random numbers, it is possible to eliminate the need for change and give the store and the customer a fair deal. This problem indicates how it...

Resources:Virtual Organizations Click the Virtual Organization link to access the Virtual Organizations. Selec t one of the Virtual Organizations as the basis for this assignment. Obtainfaculty...

\fThis is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does...

We all hate to bring change to a store. By using random numbers, we could eliminate the need for change and give the store and the customer a fair deal. This problem indicates how it could be done....

5. Deliverables & Tips The objective of this project is to test the skill of the student in problem solving using the C++ programming language The student is to create a small game that simulates the...

help me please question 1 Time Value of Money - A key financial principle stating that a dollar today is worth more than a dollar tomorrow. The present value of money is the value today of a cash...

Consider a market that is governed by a factor structure with two factors. There are two widely diversified portfolios L and M. Factor loadings are b L1 = 4, b L2 = 1, b M1 = 2, b M2 = 3. The two...

On January 1, 2015, Wilmes Floral Supplies borrowed $2,413 from Bower Financial Services. Wilmes Floral Supplies gave Bower a $2,500 note with a maturity date of December 31, 2016. The note specified...

Assuming that the entity has no new investments, to tests the completeness of dividend income from investments in shares of public companies, the auditor should compute the amounts that should have...

O'Halloran Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran Inc. issued $32,000,000 of Six-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of...

Give an example of a software application in which adaptability can mean the difference between a prolonged lifetime of sales and bankruptcy.

On September 30, 2022, Rolen Machinery Co. sold a machine and accepted the customers zero-interestbearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales...

Maxmarine plc builds boats. Earlier this year the company accepted an order for 15 specialized Crest boats at a fixed price of 100 000 each. The contract allows four months for building and delivery...

Show that Equations 26.18 and 26.19 give the same results when evaluated at the wire?s surface. Hol B field outside any current distribution with line symmetry / (26.18) Holr B = field inside a...

25. The children gathered at school for the pet lamb day. When the children paraded on the tennis court there were 20 heads and 60 feet. How many children were there?

An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the childs birth. The details of the policy are as follows:...

You have just won the lottery. You will receive $4,000,000 today, and then receive 40 payments of $1,750,000. These payments will start one year from now and will be paid every six months. A...

Your financial planner offers you two different investment plans. Plan X is a $15,000 annual perpetuity. Plan Y is a 10-year, $31,000 annual annuity. Both plans will make their first payment one year...

Suppose someone wants to accumulate $ 4 0 comma 0 0 0 for a college fund over the next 1 5 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the...

Digital Inc. is considering production of a new cell phone. The project will require an investment of $20 million. If the phone is well-received, the project will produce cash flows of $10 million a...

Your company will generate $45,000 in cash flow each year for the next nine years from a new information database. The computer system needed to set up the database costs $260,000. Assume you can...