Problem 16-05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 indiv costs Gustin $3800, and unt opened is $4800. Gustin estimates that for each individual attending the se a 0.01 probability that he/she will open a new account. a. Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters. Round your answers to the nearest dollar. Profit = (New Accounts Opened x $ - b. What type of random variable is the number of new accounts opened? (Hint: Review Appendix 16.1 for descriptions of various types of probability distributions.) The number of new accounts opened is a "random variable with trials and probability of a success on a single trial. C. Assume that the number of new accouts you get randomly is: Simulation Trial New Accounts 0 OOHDO. Construct a spreadsheet simulation model to analyze the profitability of Gustin's seminars. Round the answer for the expected profit to the nearest dollar. Round the answer for the probability of a loss to 2 decimal places. The expected profit from a seminar is s and there is a |probability of a loss. Would you recommend that Gustin continue running the seminars? Gustin( the seminars in their current format. d. How large of an audience does Gustin need before a seminar's expected profit is greater than zero? Use Trial-and-error method to answer the question. Round your answer to the nearest whole number. attendees