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    Monte Carlo Method Probability Model

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    X and Y are both standard normal random variables (mean = 0, standard deviation = 1), statistically independent of each other. Create a simulation model to estimate the probability that X and Y are both positive and that their sum is less or equal to 1. This probability is

    A. Less than 12.5%.
    B. Between 12.5% and 25%.
    C. Between 25% and 37.5%.
    D. Between 37.5% and 50%.
    E. Above 50%.

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    Solution Summary

    Provides steps necessary to determine the probability.