excel project each student (work independently) or each group (work jointly) is required to submit a single excel file through canvas. the excel file should include a single worksheet as the cover page indicating group member’s name and several worksheets (one for each question) to address each question with detailed analysis and short summary. please show all your analysis supporting your solution. grading will be based on correctness of both analysis and final solution to each question. 1. (2 points) the university of cincinnati center for business analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. one of the programs offered by the center is a quarterly business intelligence symposium. each symposium features three speakers on the real-world use of analytics. each corporate member of the center (there are currently 10) receives five free seats to each symposium. nonmembers wishing to attend must pay $75 per person. each attendee receives breakfast, lunch, and free parking. the following are the costs incurred for putting on this event: rental cost for the auditorium $150 registration processing $8.50 per person speaker costs (3 speakers $800 each) continental breakfast $4.00 per person lunch $7.00 per person parking $5.00 per person a) build a spreadsheet model that calculates a profit or loss based on the total number of 100 nonmember registrants. b) use goal seek to find the number of nonmember registrants that will make the event break even. 2. (2.5 points) 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. a) for each tire sold, what is the expected cost of the promotion? b) please perform the simulation for 1000 times, what is the probability that grear will refund more than $50 for a tire?
