Six months before its annual convention, the American Medical Association (AMA) must determine how many rooms to reserve. At this time, the AMA can reserve rooms at a cost of $100 per room. The AMA believes the number of doctors attending the convention will be has a triangular distribution with minimum value 2000, maximum value 7000, and most likely value 5000. If the number of people attending the convention exceeds the number of rooms reserved, extra rooms must be reserved at a cost of $ 160 per room. Assume that there are 8000 rooms available.

[Round your answers to the nearest integer. Also just enter the number. For example, if your answer is $123,456, then enter 123456 without $ and comma.]

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Build a simulation model assuming the number of doctors attending the convention follows the following probability distribution.

Run the simulation model 50,000 times.

Question 7 (3 points)

If they reserve 3000 rooms now, the expected total cost is

Your Answer:

Question 8 (3 points)

If they reserve 6000 rooms now, the expected total cost is

Your Answer: