Solved: Coleman Tucker a neurology intern at Morgantown

University MU has

Coleman Tucker, a neurology intern at Morgantown University (MU), has been having problems
balancing his checkbook. His monthly income is derived from a graduate research
assistantship; however, he also makes extra money in most months by tutoring undergraduates
in their introductory neurobiology course. His chances of various income levels are shown here
(assume that this income is received at the beginning of each month):

MONTHLY INCOME __________________ PROBABILITY

$ 850 ...................................................... 0.35

$ 900 ...................................................... 0.25

$ 950 ...................................................... 0.25

$1,000...................................................... 0.15

Tucker has expenditures that vary from month to month, and he estimates that they will follow
this distribution:

MONTHLY EXPENSES ___________________ PROBABILITY

$ 800 ........................................................... 0.05

$ 900 ........................................................... 0.20

$1,000 ......................................................... 0.40

$1,100 ......................................................... 0.35

Tucker begins his final year at MU with $1,500 in his checking account. Simulate the cash flow
for 12 months and replicate your model N times to identify Tucker's

(a) Ending balance at the end of the year

(b) Probability that he will have a negative balance in any month.

ANSWER

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