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PMP Certification Planning Questions Test 3

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The estimated cost of completing all the activities considered in a schedule will be US\\14,500. The project’s sponsor requires a level of certainty about the cost baseline of at least 90%. As a result of a Monte Carlo simulation, the projected cost calculated is:<br><div class="hscrollenable"><table class=’table-bordered’><tbody><tr><td>Probability</td><td>Estimated Cost</td></tr><tr><td>40%</td><td>US \text{14,500. The project's sponsor requires a level of certainty about the cost baseline of at least 90\%. As a result of a Monte Carlo simulation, the projected cost calculated is:\textless br\textgreater \textless div class="hscrollenable"\textgreater \textless table class='table-bordered'\textgreater \textless tbody\textgreater \textless tr\textgreater \textless td\textgreater Probability\textless /td\textgreater \textless td\textgreater Estimated Cost\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 40\%\textless /td\textgreater \textless td\textgreater US }\ 10,000</td></tr><tr><td>50%</td><td>US $\text{ 10,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 50\%\textless /td\textgreater \textless td\textgreater US \$}\text{ 12,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 60\%\textless /td\textgreater \textless td\textgreater US }$\$\text{ 13,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 70\%\textless /td\textgreater \textless td\textgreater US }$\$\text{ 15,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 80\%\textless /td\textgreater \textless td\textgreater US }$\$\text{ 18,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 90\%\textless /td\textgreater \textless td\textgreater US }$\$\text{ 20,000\textless /td\textgreater \textless /tr\textgreater \textless tr\textgreater \textless td\textgreater 100\%\textless /td\textgreater \textless td\textgreater US }$\$ 21,000
What should the contingency reserve be in order to fulfill the sponsor's requirement?
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