Question: **Please show answers in Excel workbook with formulas! Develop a spreadsheet simulation model to determine the total cost for each replacement policy over 1000 hours.Use

**Please show answers in Excel workbook with formulas!

  1. Develop a spreadsheet simulation model to determine the total cost for each replacement policy over 1000 hours.Use at least 50 trials for each policy (60 pts).
  2. Analyze the "Mean" costs and then compare them under the two replacement policies.Use each of the below tools to compare the Means;
    • t-Test (5 pts).
    • Anova (5 pts).
    • Confidence Interval (5 pts).
  3. Make recommendations.Summarize and write a one page formal report related to your findings (5 pts).

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