Question: Please create a random simulation on Excel to find your result. Suppose you are bidding on a project which will cost $25,000 for you to

Please create a random simulation on Excel to find your result.

Suppose you are bidding on a project which will cost $25,000 for you to complete. There are 6 competitors, and the number of bidders follow the distribution displayed on the table below. It costs you $1000 to prepare your bid documentation. If a competitor places a bid, their bid follows a normal distribution with a mean of $50,000 and a standard deviation of $10,000. How much should you bid? Please create a random simulation on Excel and show the RAND () formula to find your result.

Number of bidders	Probability
0	0.0156
1	0.0938
2	0.2344
3	0.3125
4	0.2344
5	0.0938

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