A company is considering launching a new product. The company believes that there is a 60% chance that the product will be successful. If the product is successful, it is expected to generate $1 million in revenue. If the product is unsuccessful, it will generate no revenue.

Use a Monte Carlo simulation to estimate the expected revenue from the new product.

Step-by-step instructions:

In Excel, create a new worksheet and enter the following data:

• Probability of success: 60%
• Revenue if successful: $1 million
• Revenue if unsuccessful: $0

How can i use the MonteCarlo method to solve this?