For the garage band model in Problem 21 of Chapter 11, suppose that the expected crowd is normally distributed with a mean of 3,000 and standard deviation of 200, and the average concession expenditure has a triangular distribution with minimum = $15, maximum = $30, and most likely = $25. Conduct a Monte Carlo simulation with 500 trials to find the distribution and summary statistics of the expected profit.

Data from Problem 21 of chapter 11

A garage band wants to hold a concert. The expected crowd is 2,500. The average expenditure on concessions is $25. Tickets sell for $20 each, and the band’s profit is 80% of the gate and concession sales minus a fixed cost of $18,000. Develop a mathematical model and implement it on a spreadsheet to find the band’s expected profit.