Suppose you are using the combination of Excel's RAND and VLOOKUP functions tosimulate payment amounts from the following custom distribution:ProbabilityProbabilityPaymentLower BoundUpper BoundAmount0.73100.730.821000.820.892500.890.935000.930.967500.960.9812000.981500If the RAND() function produces a value of 0.9433, what payment value will begenerated?

Answered: Suppose you are using the combination…

Suppose you are using the combination of Excel's RAND and VLOOKUP functions to simulate payment amounts from the following custom distribution:

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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