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J 1 . Construct a simulation table to simulate 28 days of the banking simulation similar to the one in class. The initial balance is
J 1
. Construct a simulation table to simulate 28 days of the banking simulation similar to the one in class. The initial balance is $2250. Each week a withdrawal of $225 is made for living expenses. starting on day 7. A withdrawal of $50 [for additional expenses] is made from the ATM randomly, according to an inter arrival time that is given by an exponential distribution with mean of 4 days (i.e..where U is uniformly distributed]I --- truncate the time to 1 decimal place. Determine the average balance in the account over the 28 day period. You may use RANDI) values from Excel. Truncating the dates to a single decimal place should not affect the answer signicantly. Table Format: Time Balance Next (day) ($ ) O 2250 Living expenses -$225 on day 7, Random withdrawal -$X on day YStep by Step Solution
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