Salemach Corporation is a start-up company that manufactures simple machines. It is interested in analyzing the profit from a new machine. It estimates that the selling price will be $25 per unit and the setup and advertising costs will total $500. The company expects that the variable cost per unit can be represented by a continuous uniform distribution between $5 and $8. They expect demand is normally distributed with a mean of 1,100 units and a standard deviation of 50 units. Implement a Monte Carlo simulation model in an Excel spreadsheet. Repeat the simulation 1000 times. From the simulation results, estimate Salemach Corporation's expected mean profit. Hint: Recall the steps for implementing simulations in Excel. Step 1) Generate a spreadsheet that solves for the value of interest for a given set of fixed inputs. Step 2) Replace the fixed inputs with the values randomly generated from the appropriate distribution. Step 3) Use a data table to have Excel repeat the simulation n times. Step 4) Summarize the simulation results using appropriate statistical measures. What is the estimated mean profit? Round to the nearest dollar.

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