To determine the price based on a uniform distribution, we need to follow these steps:
1. Identify the minimum and maximum values given by the supplier.
- The minimum price (low price) is [tex]$105.
- The maximum price (high price) is $[/tex]165.
2. Utilize the random number generated by the `RAND()` function, which in this case is 0.55.
3. Calculate the price using the formula for a uniform distribution. The formula is:
[tex]\[
\text{Price} = \text{Low Price} + (\text{High Price} - \text{Low Price}) \times \text{Random Number}
\][/tex]
4. Substitute the values into the formula:
[tex]\[
\text{Price} = 105 + (165 - 105) \times 0.55
\][/tex]
5. Simplify the expression within the parentheses first:
[tex]\[
165 - 105 = 60
\][/tex]
6. Multiply the result by the random number:
[tex]\[
60 \times 0.55 = 33
\][/tex]
7. Finally, add this value to the low price:
[tex]\[
105 + 33 = 138
\][/tex]
Therefore, if RAND() generates the random number 0.55, the price would be $138.
