Response to the following problem:
Steve Wilson, a budding college impresario, is considering booking the rock band Soggy Crackers to play a college concert. There are two possible locations that Steve can book for the concert: the college's amphitheater and its sports arena. The amphitheater will cost Steve $1000 plus 5% of ticket revenues. The sports arens will cost Steve $800 plus 7% of ticket revenues. The amphitheater can seat 1300 people. The sports arena is currently undergoing remodeling, and Steve believes that when the remodeling is completed the number of people it will be able to seat will follow a discrete uniform distribution of between 1501 and 1550 people. Steve will sell tickets through student clubs. He estimates that the ticket demand will follow a normal distribution, with a mean of 1200 tickets and a standard deviation of 250 tickets. Steve estimates that the revenue he will earn per ticket is $11. Besides the location rental fee, Steve believes that the other fixed costs (e.g., advertising, paying the band, security, etc.) will follow a uniform distribution of between $10,000 and $11,500.
Using Crystal Ball, determine which location Steve should book and give a 95 % confidence interval for his expected profit from booking the band. Base your analysis on 1,000 simulation runs.