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  • Probability Number of Children in A Family Average Annual Expense ($)

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    zhen
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    This document contains data on the probability and average annual expenses of families with different numbers of children. It simulates data for 5 families, showing the number of children and resulting annual expense. It uses cumulative probabilities to randomly assign the number of children to each family, looks up the corresponding average and standard deviation of expenses, and calculates the annual expense using a normal distribution.

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    This document contains data on the probability and average annual expenses of families with different numbers of children. It simulates data for 5 families, showing the number of children and resulting annual expense. It uses cumulative probabilities to randomly assign the number of children to each family, looks up the corresponding average and standard deviation of expenses, and calculates the annual expense using a normal distribution.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    9 views4 pages

    Probability Number of Children in A Family Average Annual Expense ($)

    Uploaded by

    zhen
    This document contains data on the probability and average annual expenses of families with different numbers of children. It simulates data for 5 families, showing the number of children and resulting annual expense. It uses cumulative probabilities to randomly assign the number of children to each family, looks up the corresponding average and standard deviation of expenses, and calculates the annual expense using a normal distribution.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Number of Children in a

    Family

    Probability

    Average Annual
    Expense ($)

    0
    1
    2
    3
    4

    0.2
    0.3
    0.2
    0.15
    0.15

    1000
    20000
    37000
    50000
    60000

    Number of Children in a
    Family (Simulated)
    1
    4
    0
    1
    0

    Annual Expense on
    Children (Simulated)
    26131.415407756
    59524.7870092314
    1363.5853304467
    9199.9996179647
    1286.9303910298

    Cumulative
    Probability
    Standard Deviation of
    Annual Expense ($)

    500
    5000
    10000
    15000
    20000

    0.2
    0.5
    0.7
    0.85
    1

    Documentation

    Cumulative Probability
    Number of Children in a random family
    Annual expense on children for this family

    Preparing/filling in all input and output cells


    Cumulative probability
    Number of children in each family
    Lookup of average and standard deviation of
    Final annual expense calculated using NORMI

    F5
    C12
    D12

    y
    y
    y
    y
    y
    total

    =SUM($C$5:C5)
    =LOOKUP(RAND(),$F$4:$F$8,$B$5:$B$9)
    =NORMINV(RAND(),VLOOKUP(B12,$B$5:$E$9,3,TRUE),VLOOKUP(B12,$B$5:$E$9,4,TRUE))

    1.5
    1.5
    1.5
    1.5
    1.5
    7.5

    2,$B$5:$E$9,4,TRUE))

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