A software contractor is preparing a bid on a new project. Two other companies will be submitting bids for the same project.

Based on past bidding practices and the requirements of the project, the bid from Contractor A can be described with a uniform distribution between $600,000 and $800,000, while the bid from Contractor B can be described with a normal distribution with a mean of $700,000 and standard deviation of$50,000.

You can analyze this with monte Carlo simulation method. Using the summary statistics gathered, answer the following questions:

1. If the contractor submits a bid of $750,000, what is the probability that he or she will obtain the bid?
2. The contractor is also considering bids of $765,000 and $775,000. If the contract would like to bid such that the probability of winning is about 0.80, what bid would you recommend?