Suppose you are using the combination of Excel's RAND and VLOOKUP functions tosimulate payment amounts from the following custom distribution:ProbabilityProbabilityPaymentLower BoundUpper BoundAmount0.73100.730.821000.820.892500.890.935000.930.967500.960.9812000.981500If the RAND() function produces a value of 0.9433, what payment value will begenerated?

Answered: Suppose you are using the combination…

Suppose you are using the combination of Excel's RAND and VLOOKUP functions to simulate payment amounts from the following custom distribution:

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Suppose you are using the combination of Excel's RAND and VLOOKUP functions to
simulate payment amounts from the following custom distribution:
Probability
Probability
Payment
Lower Bound
Upper Bound
Amount
0.73
10
0.73
0.82
100
0.82
0.89
250
0.89
0.93
500
0.93
0.96
750
0.96
0.98
1200
0.98
1500
If the RAND() function produces a value of 0.9433, what payment value will be
generated?

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