E File Home Insert Draw Page Layout Formulas Data Review View H X Cut Arial 10 4 Copy Paste BIU- Format Painter Clipboard Font A1 A A A Alignment Great Tire Co. G D B 29 Wrap Text H 2 Great Tire Co. 3 Parameters 4 5 Estimated Lifetime Mileage (normally distributed) NMJSON 00 7 9 P= 36,500 miles 5,000 miles 8 9 Refund Condition 10 Refund Limit 33,000 miles 11 Refund Amount $1 each 100 miles short of Refund Limit 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 MINDTAP vity 3 - Using Simulation to Model Promotional Cost (All answers were generated using 1,000 trials and native Excel functionality.) Q Search this c Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund some money if the tire fails to reach 33,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 33,000 miles, Grear will refund a customer $ per 100 miles short of 33,000. Construct a simulation model to answer the following questions. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Generate trials on a new worksheet. X Download spreadsheet grear-158012.xlsx a. For each tire sold, what is the average cost of the promotion? Round your answer to the nearest cent. per tire b. What is the probability that Grear will refund more than $25 for a tire? Round your answer to one decimal percentage place. % Check My Work Reset Problem Back H N Lightning ne