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A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least

A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N? a. The probability that N is greater than 40 is around 0.89. b. The probability that N equals 101 is around 0.14. c. The probability that N is greater than 50 is around 0.77. d. The probability that N is less than 75 is around 0.69.
Transcribed Image Text:A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N? a. The probability that N is greater than 40 is around 0.89. b. The probability that N equals 101 is around 0.14. c. The probability that N is greater than 50 is around 0.77. d. The probability that N is less than 75 is around 0.69.
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