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Monte Carlo simulations are important tools of the OR Framework. Conduct a Monte Carlo simulation to calculate the total loss incurred at the Corporate Finance
Monte Carlo simulations are important tools of the OR Framework. Conduct a Monte Carlo simulation to calculate the total loss incurred at the Corporate Finance division of ABC given the information below: - The frequency distribution is a Poisson with a mean of 2.5 - The severity distribution is Lognormal with a mean of zero and a variance of 30%. - The number of simulations is 500. - The maximum number of losses allowed per trial is 10
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