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[answered] At a local money exchange store, the short cost (not enough


. At a local money exchange store, the short cost (not enough) and long cost (too much) depend on how much they stock and what the future demand are. Below table contains cost values for different stocking amount (rows) and different future cash demand amount (columns). The store wants to minimize cost by choosing the optimum stocking amount. Calculate expected cost for each stocking amount (5 of them). How much cash should the store stock???

?????????????????? Future cash demand?& probability

Stocking

Amount

100,000

10%

200,000

10%

250,000

20%

300,000

30%

400,000

30%

Expected Cost

100,000

$0

1080

1120

1160

1240

1052

200,000

600

0

1040

1080

1160

940

250,000

650

550

0

1040

1120

768

300,000

700

600

550

0

1080

564

400,000

800

700

650

600

0

460


 


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