An airline has 15 daily flights and the average profit per flight is $6,000. Each flight requires one pilot. Flights that do not have a pilot are canceled. Pilots do get sick from time to time so the airline keeps three reserve pilots on standby to replace any that call in sick. The number of pilots calling in sick on any given day follows a binomial distribution with a probability (of "success" = "sick") of 11%. So, on each day, there are 15 possible "trials".

Run an experiment to model a single day, simulate 1,000 replications, and answer the following questions:

1) what is the average daily utilization of the reserve pilots?

2) what percentage of flights are canceled due to a lack of reserve pilots?

3) what is the average daily lost profit due to canceled flights?,

4) The airline is considering lowering or raising the number of reserve pilots. Modify your model to analyze this possibility, what does your analysis suggest?

Must be in Excel and must show formulas.