Tire Warranty Analysis. Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund some money if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000.

For each tire sold, what is the average cost of the promotion?

What is the probability that Grear will refund more than $25 for a tire?

*Please help with solving this format in excel

Grear Tire Parameters Promotion claim (mileage 30,000 Lifetime mileage Lifetime mileage (Normal) Mean 36,500 Standard Deviation 5,000 Model Cost Simulation Trial Lifetime Mileage Cost Cost Statistics Count Minim um Maximum Average Standard Deviation P(Cost > $25) 15 16 17 18 19 20 1000