Instructions: Answer these questions in MS Excel. All questions require detailed and quantitative solutions. 1) Organizing a one-day conference for council members at Austin Hall and are trying to determine how many of the Hilton Garden Inn's 300 rooms to reserve for attendees while minimizing total costs. For every reserved room that goes unused, the faculty must pay full price of $220 per night. If the number of attendees exceeds the number of reserved rooms (any room not reserved in advance at the Hilton Garden Inn will be unavailable to attendees on the day of the event), they will need to be put up at the more expensive Courtyard by Marriott at a rate of $310 per night. The Hilton Garden Inn's special rate for OSU events is $140/night if the rooms are reserved in advance. From attendance data in prior conferences, the faculty know that the number of attendees to the conference follows a normal distribution with a mean of 275 and standard deviation of 50. The faculty have decided to reserve exactly 275 rooms. Hint: Use the NORMINV(RAND(),...) function to simulate the random demand in each trial.

a. Build a 1000 trial simulation of the conference event b. Identify the mean, standard deviation, and 95% confidence intervals for costs of lodging for all attendees