Find the distribution of the expected profit

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Reference no: EM1329010

A band wants to hold a concert with an expected crowd of 3,000. Tickets sell for $10 and the average spending on concessions per attendee is $15. The profit is 80% at the gate, along with concession sales, minus a fixed cost of $10,000.

Suppose the expected crowd is normally distributed with a mean of 3,000 and a SD of 200. Use Excel's NORM.INV function and a one-way data table to conduct a Monte Carlo simulation to find the distribution of the expected profit.

Reference no: EM1329010

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