$****$NOTE$****$ Please only solve if you can solve the problem in excel, and PLEASE show the FORMULAS you use for the income and expense columns to generate the random numbers.

$****$NOTE$****$ Please only solve if you can solve the problem in excel, and PLEASE show the FORMULAS you use for the income and expense columns to generate the random numbers.

Artie Siegel, an MBA student, has been having problems balancing his checkbook. His monthly

income is derived from a graduate research assistantship; however, he also makes extra money in

most months by tutoring undergraduates in their quantitative analysis course. His historical

chances of various income levels are shown in the following table:

$*$Assume that this income is received at the beginning of each month.

Siegel's expenditures also vary from month to month, and he estimates that they will follow a

normal distribution with a mean of $$450$ and a standard deviation of $$50.$

He begins his final year with $$600$ in his checking account.

Create a flowchart of the situation. Also, create a simulation model according the following problem description:

Answer these questions:

a$.$ Simulate the entire year $(12$ months$)$ in Excel. For each month calculate his monthly bank balance

b$.$ From your simulation create a static simulation

c$.$ Looking at your static simulation discuss Siegel$$s financial picture, i$.$e$.,$ will he be able to

keep his head above water$--($out of debt$)?$

What is his expected average profit for the $12$ months?

What is his bank balance at the end of the year?