Problem
A project's first cost is $25,000, and it has no salvage value. The interest rate for evaluation is 7%. The project's life is from a discrete uniform distribution that takes on the values 7, 8, 9, and 10. The annual benefit is normally distributed with a mean of $4400 and a standard deviation of $1000. Using Excel's RAND function, simulate 25 iterations. What are the expected value and standard deviation of the present worth?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.