Coleman Tucker, a neurology intern at Morgantown University (MU), has been having problems balancing his checkbook. His monthly income is derived from a graduate research assistantship; however, he also makes extra money in most months by tutoring undergraduates in their introductory neurobiology course. His chances of various income levels are shown here (assume that this income is received at the beginning of each month):

MONTHLY INCOME _________ PROBABILITY

$ 850 ......................................................0.35

$ 900 ......................................................0.25

$ 950 ......................................................0.25

$1,000......................................................0.15

Tucker has expenditures that vary from month to month, and he estimates that they will follow this distribution:

MONTHLY EXPENSES __________PROBABILITY

$ 800 ...........................................................0.05

$ 900 ...........................................................0.20

$1,000 .........................................................0.40

$1,100 .........................................................0.35

Tucker begins his final year at MU with $1,500 in his checking account. Simulate the cash flow for 12 months and replicate your model N times to identify Tucker's

Ending balance at the end of the year

Probability that he will have a negative balance in any month.