Explanation of Solution
Determining which investment strategy is the best:
It is given that the person currently has $100. Each week the user can invest any amount of money he or she currently have in a risky investment. With probability 0.40, the amount the user invest is tripled and with probability 0.60, the amount invested is lost.
First, let us calculate the shipping model for 100 crew members. Hence, the data given will be as follows:
Here,
In the given MMs Template, the above-mentioned details are entered in the highlighted cells B4:B7 appropriately. The screenshot is as shown below:
Once the above details are entered, click on “Click here” button. We can see that the other details are updated automatically because of the built-in formulas. The screenshot is as shown below:
Now, calculate the shipping model for 70 crew members. Hence, the data given will be as follows:
Here,
In the given MMs Template, the above-mentioned details are entered in the highlighted cells B4:B7 appropriately. The screenshot is as shown below:
Once the above details are entered, click on "Click here” button. We can see that the other details are updated automatically because of the built-in formulas.
The screenshot is as shown below:
It is given that a fixed cost of $30 is incurred on every crew member per day
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Operations Research : Applications and Algorithms
- Checkpoint B If this population plays (and loses) the lottery 2 times: It could become [0,3,4,5,6], if the first individual played twice Or it could become [2,3,4,4,5], if the last two individuals each played once etc Continuing the example, scholarships might then award a total of $3 of awards to the population in the form of $1 scholarships. If the wealth had originally been [0,3,4,5,6], then: It could become[3,3,4,5,6], if the 1st individual got all three awards Or it could become [0,4,5,5,7], if it was distributed equally among the 2nd, 3rd, and 5th individuals etc We assume the lottery system is backed by a relatively huge pool of capital, so that scholarships are awarded no matter how many lottery winners there are. We also assume who plays the lottery and who benefits from scholarships will be random, at the individual-level. Later, at the population-level, we will select behaviors for our simulation based on social science research. The function generate_disparity_msg()…arrow_forwardCheckpoint B If this population plays (and loses) the lottery 2 times: It could become [0,3,4,5,6], if the first individual played twice Or it could become [2,3,4,4,5], if the last two individuals each played once etc Continuing the example, scholarships might then award a total of $3 of awards to the population in the form of $1 scholarships. If the wealth had originally been [0,3,4,5,6], then: It could become[3,3,4,5,6], if the 1st individual got all three awards Or it could become [0,4,5,5,7], if it was distributed equally among the 2nd, 3rd, and 5th individuals etc We assume the lottery system is backed by a relatively huge pool of capital, so that scholarships are awarded no matter how many lottery winners there are. We also assume who plays the lottery and who benefits from scholarships will be random, at the individual-level. Later, at the population-level, we will select behaviors for our simulation based on social science research. The function generate_disparity_msg()…arrow_forwardSuppose, you are working in a company ‘X’ where your job is to calculate the profit based on their investment.If the company invests 100,000 USD or less, their profit will be based on 75,000 USD as first 25,000 USD goes to set up the business in the first place. For the first 100,000 USD, the profit margin is low: 4.5%. Therefore, for every 100 dollar they spend, they get a profitof 4.5 dollar.For an investment greater than 100,000 USD, for the first 100,000 USD (actually on 75,000 USD as 25,000 is the setup cost), the profit margin is 4.5% where for the rest, it goes up to 8%. For example, if they invest 250,000 USD, they will get an 8% profit for the 150,000 USD. In addition, from the rest 100,000 USD, 25,000 is the setup cost and there will be a 4.5% profit on the rest 75,000. Investment will always be greater or equal to 25,000 and multiple of 100.Complete the RECURSIVE methods below that take an array of integers (investments)and an iterator (always sets to ZERO(‘0’) when the…arrow_forward
- Suppose, you are working in a company ‘X’ where your job is to calculate the profit based on their investment. If the company invests 100,000 USD or less, their profit will be based on 75,000 USD as first 25,000 USD goes to set up the business in the first place. For the first 100,000 USD, the profit margin is low: 4.5%. Therefore, for every 100 dollar they spend, they get a profit of 4.5 dollar. For an investment greater than 100,000 USD, for the first 100,000 USD (actually on 75,000 USD as 25,000 is the setup cost), the profit margin is 4.5% where for the rest, it goes up to 8%. For example, if they invest 250,000 USD, they will get an 8% profit for the 150,000 USD. In addition, from the rest 100,000 USD, 25,000 is the setup cost and there will be a 4.5% profit on the rest 75,000. Investment will always be greater or equal to 25,000 and multiple of 100. Complete the RECURSIVE methods below that take an array of integers (investments) and an iterator (always sets to…arrow_forwardSuppose, you are working in a company ‘X’ where your job is to calculate the profit based on their investment. If the company invests 100,000 USD or less, their profit will be based on 75,000 USD as first 25,000 USD goes to set up the business in the first place. For the first 100,000 USD, the profit margin is low: 4.5%. Therefore, for every 100 dollar they spend, they get a profit of 4.5 dollar. For an investment greater than 100,000 USD, for the first 100,000 USD (actually on 75,000 USD as 25,000 is the setup cost), the profit margin is 4.5% whereas for the rest, it goes up to 8%. For example, if they invest 250,000 USD, they will get an 8% profit for the 150,000 USD. In addition, from the rest 100,000 USD, 25,000 is the setup cost and there will be a 4.5% profit on the rest 75,000. The investment will always be greater or equal to 25,000 and multiple of 100. Complete the RECURSIVE methods below that take an array of integers (investments) and an iterator (always sets to…arrow_forward: You have a basketball hoop and someone says that you can play one of two games.Game 1: You get one shot to make the hoop.Game 2: You get three shots and you have to make two of three shots.If p is the probability of making a particular shot, for which values of p should you pick one gameor the other?arrow_forward
- Assume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number.arrow_forwardAssume that a customer purchase a new car every 5 years, for a total of 10 cars through her lifetime. Let's use Ford as a example. The customer starts out buying a Ford car as her first car. She will keep buying Ford cars as long as she is satisfied with them. However, if she is not satisfied with her current Ford car, she will purchase another brand next time and never return to Ford in her lifetime. What is the expected lifetime profit of a customer who starts out buying a Ford car? Assume that the profit of each car is $4,000, and the probability that the customer will be satisfied with her current Ford car is always 80%. Please use simulation, i.e. using a combination of control flows, to calculate the number. Write a function with the following two inputs: - the profit of each car, and - the probability that the customer will be satisfied with her current Ford car. The output of the function will be the lifetime profit of a customer given these two inputs.arrow_forward
- Operations Research : Applications and AlgorithmsComputer ScienceISBN:9780534380588Author:Wayne L. WinstonPublisher:Brooks Cole