Simulation Results6.10844.21705.60563.54155.55405.00029.53306.50145.06616.05657.17786.55574.20804.5709 4.15219.46043.29506.52514.62403.90326.00695.0168 7.40576.53355.82244.30604.13848.92464.41194.73274.93494.2798 4.03785.18145.34874.83834.08843.09354.72955.60903.47033.94606.36926.35463.34969.88176.09245.95324.09403.1926 The owner of Cruz Wedding Photography believes that the average number of wedding bookings per year can beestimated by a triangular distribution with a minimum of 10, maximum of 22, and most likely value of 15. One of thekey variables in developing his business plan is the life he can expect from a single digital single-lens reflex (DSLR)camera before it needs to be replaced. Due to heavy usage, the shutter life expectancy is estimated by a normaldistribution with a mean of 155,000 clicks with a standard deviation of 10,500. For each booking, the average numberof photographs taken is assumed to be normally distributed with a mean of 2,000 and a standard deviation of 300.Develop a simulation model using 50 trials to determine summary statistics and the distribution of the camera life (inyears).Click the icon to view a sample of 50 simulation trial results.Say the values of the shutter life (in clicks), the weddings per year, the photos per wedding, the averageweddings per camera, and the camera life in years are entered in cells B3, B4, B5, B6, and B8, respectively.Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula=ROUND(NORM.INV(RANDO..).0) and the photos per wedding is randomly generated using the ExcelThe formula for the average weddings per camera is=B+Bformula =ROUND(NORM.INV(RAND()...0).-8.B, and the formula for the camera life in years is =B(Type whole numbers.)=B

Answered: The owner of Cruz Wedding Photography…

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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