The management of Madeira Computing is considering the introduction of a wearable electronic device with the functionality of a laptop computer and a phone. The fixed cost to launch the new product is $300,000. The product will sell for $300. The unit variable cost for the product is a uniform random variable between $16 and $24 and the product demand is a normal random variable with mean = 1200 units and a standard deviation of 300 units.

Simulate profit with 1000 trials and attach your Excel file to the Assignment (I do not want a PDF) where you have two sheets in the file where

sheet 1 has the set-up and 1000 simulations

sheet 2 has the special paste value of the 1000 simulations that I mention in the PowerPoint in Resources.

Also answer from your special paste sheet 2 and type out the answers in a Word file you attach or type in the comment box of your submission (please do not say see attached Excel file this will probably seem easy, but assume I have no such knowledge and need things pointed out clearly -- type really slowly and loudly!))

1)What is the mean profit over the 1000 trials

2)What is the probability profit will be less than zero in the 1000 trials?

3)Explain why you think the company should or should not go ahead with the project, based in part on what you see in the simulation results.