Hint(s) Check My Work (1 remaining) X Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of O $10,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,500 and $15,500. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? O b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? c. What amount should you bid to maximize the probability that you get the property? X LA 15000 d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend O suggests you bid $13,250. Which bid will give you the larger expected profit? Stay with the bid in part (c). What is the expected profit for this bid (to 2 decimals)? O 1000