The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $30,000. The variable cost for the product is uniformly distributed between $20 and $25 per unit. The product will sell for $55 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,200 units and a standard deviation of 200 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions:

1. What is the mean profit for the simulation? Round your answer to the nearest dollar. Mean profit = $ fill in the blank 1
2. What is the probability that the project will result in a loss? Recalculate the numerical value of probability in percent and then round your answer to the nearest whole number. Probability of Loss = fill in the blank 2 %

Problem 12-14 (Algorithmic) The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $30,000. The variable cost for the product is uniformly distributed between $20 and $25 per unit. The product will sell for $55 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,200 units and a standard deviation of 200 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions: a. What is the mean profit for the simulation? Round your answer to the nearest dollar. Mean profit = $ b. What is the probability that the project will result in a loss? Recalculate the numerical value of probability in percent and then round your answer to the nearest whole number. Probability of Loss = % c. What is your recommendation concerning the introduction of the product? The input in the box below will not be graded, but may be reviewed and considered by your instructor