Develop a Monte Carlo simulation model for the garage-band in Problem 7 in Chapter 11 with the following assumptions. The expected crowd is normally distributed with mean of 3,000 and standard deviation 400 (truncate the distribution to have a minimum of 0). The average expenditure on concessions is also normally distributed with mean $15, standard deviation $3, and minimum 0. Identify the mean profit, the minimum observed profit, maximum observed profit, and probability of achieving a profit of at least $60,000. Develop and interpret a confidence interval for the mean profit for a 5,000-trial simulation.

Problem 7. A garage band wants to hold a concert. The expected crowd 3,000. The average expenditure on concessions is $15. Tickets sell for $10 each, and the band's profit is 80% of the gate and concessions sales, minus a fixed cost of $12,000.