Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property, it can then be sold for $160,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $150,000.

probability Strassel will be able to obtain the property using a bid of $130,000 ? (Round your answer to the nearest tenth of a percent.) % (b) How much does Strassel need to bid to be assured of obtaining the property? $130,000$140,000$150,000 $150,000. (Round your answers to the nearest dollar.) expected profit for a bid of $130,000 expected profit for a bid of $140,000 expected profit for a bid of $150,000 A bid of results in the largest mean profit of the three alternatives. Show your work. Upload your spreadsheet. (Submit a file with a maximum size of 1MB.) No file chosen This answer has not been graded yet