Choose one of the options below

Jan has just completed her report on a Monte Carlo capital budgeting analysis she ran for the Treasurer of her company. Just to be sure, she runs her analysis a second time. Her first run had a median NPV of $$18,881$ and a frequency of the NPV over $2500$ trials of $75\%$ positive. The second run produced a median NPV of $$19,321$ and a frequency of the NPV over $2500$ trials of $80\%$ positive. Jan is worried that she has done something wrong because the two runs have identical inputs but different results.

a$.$

Jan did something wrong $--$ Monte Carlo analysis with $2,500$ runs should produce identical results

b$.$

Jan did nothing wrong $--$ Monte Carlo analysis uses random numbers so we expect different results

c$.$

Jan did nothing wrong $--$ her Monte Carlo software is out of date.