14. Develop a Monte Carlo simulation model for the garage-band in Problem 4 in Chapter 8 with...

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14. Develop a Monte Carlo simulation model for the garage-band in Problem 4 in Chapter 8 with the following assumptions. The expected crowd is normally distributed with mean of 3,000 and standard deviation 400 (minimum of 0). The average expenditure on concessions is also normally distributed with mean $15, standard deviation $3, and minimum 0. Identify the mean profit, the minimum observed profit, maximum observed profit, and probability of achieving a positive profit. Develop and interpret a confidence interval for the mean profit for a 5,000-trial simulation.

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