A garage band wants to hold a concert. The expected crowd is 3000. The average expenditure on concessions is $15. Tickets sell for $10 each, and the band's profit is 80% of the gate and concession sales, minus a fixed cost of $12,000.
Please open Assignment1_garageband.xls and review the spreadsheet model of this problem, which is built for finding the expected profit.
Now, suppose that the expected crowd is normally distributed with a mean of 3,000 and standard deviation of 200. Use the NORM.INV function and a one-way data table to conduct Monte Carlo simulation with 25 trials to find the distribution of the expected profit.