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Problem Using the Monte Carlo Simulation

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Please help with the attached problem. Also, included are all the notes regarding this method. This is all that I have to go on. I cannot figure out how to solve this problem since the instructor skipped a lot of steps when solving the example problem.

If this problem will be done by hand, then we need to do 20 simulations just like in the attached example.

However, if we choose to write a program in order to solve this problem, then 100 simulations will be needed. We will also receive extra credit for the program.

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Solution Preview

Please see the attached file - I have used the random number generator in Excel to answer this.

If random # < 1/10, then tee = 210 (to give it a prob of ...

Solution Summary

The solution assists with solving the given problem using the Monte Carlo method.