Question

Weekly demand for a certain brand of a golf ball at The Golf Outlet is normally distributed with a mean of 35 and a standard deviation of 5. The profit per box is $5.00. Write an Excel formula that simulates the weekly profit:

		= 5 * 35 * NORMSINV(RAND())
		= 5* NORMINV(RAND(), 35, 5)
		= 5 * RANDBETWEEN(5, 35)
		= NORMINV(RAND(), 5 * 35, 5)

Answer 1

GIVEN THAT :-

According to the question we have that it is a choose the correct answer.

* demand for a certain brand of a golf ball

*mean of 35

*a standard deviation of 5

*profit per box is $5.00

TO FIND :-Write an Excel formula that simulates the weekly profit?

Now we have that ,

the total weekly profit is 5*NORMINV(RAND(),35,5)

because of the following steps we can conclude that 5*NORMINV(RAND(),35,5) is corerct

==>Total weekly profit is given by multiplying unit profit which is 5 by the weekly demand.

==>As weekly demand follows normal distribution with mean 35 and standard deviation of 5, the demand is given using the formula NORMINV(RAND(),35,5).

so the option B is the corect answer 5*NORMINV(RAND(),35,5)

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