Hello, I need help with the following question. To be clear, I need help with creating the Excel simulation model. The tutor provided the final solution, however, in order to learn how this is done, I need to know how we arrive at the final solution. Please provide the Excel simulation model so that I can see how this is done. Here is the question:

The management of Madeira Computing is considering the introduction of a wearable electronic device with the functionality of a laptop computer and phone. The fixed cost to launch this new product is $300,000. The variable cost for the product is expected to be between $160 and $240, with a most likely value of $200 per unit. The product will sell for $300 per unit. Demand estimates for the produce vary widely, ranging from 0 to 20,000 units, with an average of 4000 units.

b. Assume the variable cost is a uniform random variable between $16 and $24 and the product demand is an exponential random variable with a mean of 4000 units. Construct a simulation model to estimate the mean profit and the probability that the

project will result in a loss.

Thanks for your help.