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Conduct a monte carlo simulation

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Reference no: EM131744299

A garage band (imagine Metallica in early days) wants to hold a concert.

  • Suppose that the expected crowd is normally distributed with a mean of 3,000 and standard deviation of 200. 
  • The average expenditure on concessions is $15. 
  • Tickets sell for $10 each.
  • The band's profit is 80% of the gate and concession sales, minus a fixed cost of $10,000. 
  • Use the NORM.INV function and a one-way data table to conduct a Monte Carlo simulation with 25 trials to find the distribution of the expected profit.

Reference no: EM131744299

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