Without using Python just excel formulas please. Can you also show formulas used. Trying to understand

Problem 4: You are game show contestant and have won your choice of two prizes (A or B):

A: Choose prize A and receive $1,000

B: If you choose prize B, I will flip a (fair) coin and that determines your award:

Heads (with probability 0.5) you recieve $3,500

Tails (with probability 0.5) you must pay me $1,000. That is, you receive -$1,000

1) What is the expected payoff of choice for:

A:

B:

2) Which prize do you choose?

why?

3) Let's further analyze choice B. Pretend (or maybe you don't have to pretend.) that you didn't know how to calculate the answer to part 1. Create a Monte Carlo simulation (below) with 4000 trials to determine:

--an estimate for the expected payoff

--an estimate for the standard deviation of this payoff

--what is the 99% confidence interval for your estimate of the expected payoff? (NOTE: This is not the 95% level that I usually ask for!)