A discount cookie store pays either $1.00, $1.25, $1.50, or $1.75 per lb. with equal probabilities (0.25 each) based on their requirements.

Answer following two questions.

17

Creating sequential ranges, what is the range of random numbers for discount price of $1.25?

Select one:

a. 0.0 to 1.50

b. 0.0 to 0.25

c. 0.25 to 0.50

d. 0.50 to 0.75

18

What is the average price paid for cookies per lb. by the discount store? (Note: Calculate expected value or run 100 simulation trials.)

Choose closest answer.

Select one:

a. $1.22

b. $1.38

c. $1.52

d. $1.68