The assignment is to simulate a bank with various number of tellers and two different line strategies: single line and multiple lines (one line per teller). The goal is to find the fewest number of tellers required to process all customers without exceeding a maximum wait time of 5 minutes. The simulation involves creating a CustomerGenerator, a list of Tellers, and a loop that runs until the desired time duration expires or the customer queue is empty. The algorithm should check if each teller is busy with an earlier customer and if not, it should process a new customer. For higher grades, additional features are required such as keeping track of total transaction durations in the queue and placing customers into the line with the shortest total transaction duration.