You are purchasing car insurance. This policy has a $1500 deductible, so that if you have a claim and the damage is less than $1500 you pay for it out of pocket. However, if the damage is greater than $1,500 you pay the first $1,500 and the insurance pays the remaining balance.

In the current year there is a probability of .1 that you will incur a claim on your vehicle in some form (accident, tree branch falls on your car, etc.) If you have a claim for damages on your car, the damage amount is normally distributed with a mean of $3,500 and a standard deviation of $1,000.

Run a Monte Carl simulation model to show your out of pocket expense in this scenario. Use a data table to run 5000 iterations of the model. Analyze the results of the 5000 iterations to find out how often a claim was filed and how often the claim amount met or exceeded the deductible. Show both as a percentage of the 5000 iterations.