51. A new CNC mill is expected to cost $263,000 and have a useful life of 6 years. The net annual savings generated by the mill are independent from year to year and are estimated to follow a uniform distribution with a lower bound of $45,000 and an upper bound of $55,000. MARR is 12%/yr.

For the following questions, determine an analytical solution:

a. Determine the probability that the present worth of the CNC mill is positive.

b. Using a Monte Carlo simulation with 10,000 iterations, estimate the mean and standard deviation of present worth and the probability of positive present worth.