1. Jacob is planning to refinance his home mortgage to take advantage of the lower current interest rates. As part of the refinancing application, the bank needs to appraise his home. Jacob expects an appraisal of at least $1,875,000 but no more than $2, 150,000. All values between these two values have the same probability of being the actual appraised value. What is the appropriate distribution for simulating appraisal values? A. Discrete general with more than two outcomes B. Binomial C. Continuous uniform D. Normal E. Discrete general with two outcomes 2. U-Haul specializes in truck rentals. The number of truck rentals per month typically ranges between 20 and 60. There is equal probability for the number of rentals to assume any value in that range. What is the appropriate distribution to simulate number of rentals? A. Discrete uniform B. Discrete general with two outcomes ITNATO JOY C. Normal D. Binomial E. Continuous uniform 3. At the airport entry site, a computer is used to randomly decide whether a traveller's baggage should be opened for inspection. The chance a traveller being selected is 12%. If there are 2,000 passengers go through the airport per day, what is the appropriate distribution to simulate number of travellers being selected for baggage inspection? A. Discrete general with more than two outcomes B. Discrete general with two outcomes C. Normal D. Binomial E. Discrete uniformQuestions 6 to 9 are based on the information below: The owner of a ski apparel store in Winter Park must decide in July how many ski jackets to order for the following ski season. Each ski jacket cost $55 each and can be sold during the ski season for $148. Any unsold jackets at the end of the season are sold for $45 to a discount store. The demands for jackets depend on the level of snowfall in the winter. Winter Park needs at least 25 inches of snow for sufficient cover. If there is no or very little snow, the ski resort may partially open for a short season. The sales of ski jackets therefore will be affected. It is estimated that there is 80% chance of getting a good snowfall this winter. When there is a good snow fall, the demand for jackets is expected to follow a normal distribution with mean of 120 and standard deviation of 35. When there is no or very little snow, the demand for the jackets follows normal distribution with a mean of 70 and standard deviation of 30. The store owner can order jackets in lot sizes of 10 units and would like to determine the quantity of jackets to order to maximize the expected profit. Below is the Excel spreadsheet to simulate this scenario . B 1 Order quantity 110 2 Good snow fall? Yes 3 Demand 90 4 Quantity Sold 90 5 Revenue 14,220 6 Cost 6,050 7 Profit 8,170 6. What is the appropriate formula to simulate revenue for ski jackets in "B5" cell above? A. = B4*148+Min(B1-B4,0)*45 B. = B4*148+Max(B1-B4,0)*45 C. = B4*148+(B1-B4)*45 D. = B4*148 E. None of the above 7. What is the appropriate formula to simulate demand for ski jackets in "B3" cell above? A. =IF(B2="Yes", INT(NORM.INV(RAND(), 120,35)), INT(NORM.INV(RAND(), 70,30))) B. =IF(B2="Yes", INT(NORM.INV(RAND(), 70,30)), INT(NORM.INV(RAND(), 120,35))) C. =IF(B2="No", INT(NORM.INV(RAND(), 120,35)), INT(NORM.INV(RAND(), 70,30))) D. =[F(B2="Yes", NORM.INV(RAND(), 70,30), NORM.INV(RAND(), 120,35)) E. None of the aboveFall 2021 The cost of a minor repair spreads uniformly between 0 and $600, whereas the major repair cost spreads uniformly between $600 and $2,000. What is the WOWdadT appropriate formula to simulate the repair cost in "B3" cell below? A B 2 Repair type minor Jayvona boog Lo: 051 3 Repair cost $ 537.14 A. =IF(B2="minor",600*RANDO,600+2000*RANDO) B. =IF(B2="minor",600*RAND(,600+1400*RANDO) C. =IF(B2="minor",0+600*RAND(,600+2000*RANDO) D. =IF(B2="minor",600-0*RANDO,RANDBETWEEN (600,2000) E. None of the above 5. The employees of BCIT receive health insurance through a group plan issued by Manulife. During the past year, 85% of the claims filed were considered as "small claim" and while the remaining were "large claim". Which of the following formula is correct to simulate the claim type? of now claims filed car A. =if(rand()>0.15, "Large", "Small") B. =if(rand()0.85, "Small","Large") Pavodarling "Et al esblast planol basarab saluda of slumol stengrande and er indW