You probably have heard of the saying, “A penny saved is a penny earned”. Well, if you investyour saved money wisely, a penny saved can be more than a penny earned. How much can it be?In this homework, you will figure this out through simulation.Suppose you are a disciplined investor. In the beginning of each month, you invest the sameamount of your saved money in selected funds. After 10 ten years, how much will be yourinvestment? This depends on two factors: the amount of your monthly investment, the monthlyreturn of your investment portfolio. For the monthly investment amount, you may considerscenarios of different amounts, e.g., $50, $100, $500, and $1,000. For monthly return, well,nobody would know because the market fluctuates all the time. But we can use simulated valuesfor the returns.According to the article at https://www.ifa.com/articles/with_stock_returns_normally_distributed/, historic monthly returns roughly have a normal distribution. For the simulation,we assume that monthly return is drawn probabilistically from two normal distributions:

MIST.3050 Business Applications DevelopmentHomework: Investment Simulator (Arrays)You are encouraged to form a team of 2 or 3 to work on this homework. Each team submits onlyone copy of the homework. Submit your homework on Blackboard before the deadline. No latehomework is accepted.IntroductionYou probably have heard of the saying, “A penny saved is a penny earned”. Well, if you investyour saved money wisely, a penny saved can be more than a penny earned. How much can it be?In this homework, you will figure this out through simulation.Suppose you are a disciplined investor. In the beginning of each month, you invest the sameamount of your saved money in selected funds. After 10 ten years, how much will be yourinvestment? This depends on two factors: the amount of your monthly investment, the monthlyreturn of your investment portfolio. For the monthly investment amount, you may considerscenarios of different amounts, e.g., $50, $100, $500, and $1,000. For monthly return, well,nobody would know because the market fluctuates all the time. But we can use simulated valuesfor the returns.According to the article athttps://www.ifa.com/articles/with_stock_returns_normally_distributed/, historic monthly returns roughly have a normal distribution. For the simulation,we assume that monthly return is drawn probabilistically from two normal distributions:•95% probability fromN(1%,2.5%)•5% probability fromN(-4.5%,2.5%)You will be provided with a partially finished program. After adding your code to complete theprogram, it will output the monthly rate of return and account balance for each saving scenario.Below is a sample output.1

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