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John Smith is planning to refinance his home mortgage to take advantage of the lower current interest rates. As part of the refinancing application, the bank needs to appraise Mr. Smith's home. Mr. Smith expects an appraisal of at least $175,000 but no more than $250,000. All values between $175,000 and $250,000 have the same probability of being the actual appraised value. What is the appropriate distribution for simulating appraisal values?
1. continuous uniform
2. binomial
3. discrete uniform
4. normal
Also, can you explain when to use different distributions?
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