Question
Robert will enter Clemson next year and is concerned about finances. He anticipates he will need money for food, clothes, other essentials (gas, school supplies,
Robert will enter Clemson next year and is concerned about finances. He anticipates he will need money for food, clothes, other essentials (gas, school supplies, etc.) and fun (movies, dates, etc.). He believes his food budget will follow a normal distribution with a mean of $120 and a st dev of $14. He will limit himself to spending no more than $50 for clothing each month and estimates he will spend between $30 and $50 on essentials. He knows his fun expenditures to between $30 ten percent of the time, $40 twenty percent of the time, $50 forty percent of the time, and $60 the rest of the time. Simulate Roberts monthly budget for a year in school (August May) and determine how much money he will need for the entire year. Place your answer to the underlined information in a cell labeled "answer:" and color it orange.
Create a simulation spreadsheet on excel.
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