Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is avaliable, and Bud Strassel, the president and owner of Strassel Investors. believes if he purchases and develops this property, it can then be sold for $155,000. 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 subrnitting bids for the property. Strassel does not know what the competitors wil bid, but he assumes for planning purposes that the amount bid by each competitor will be un formly distribufed between $100,000 and $140,000. (a) What is the estimate of the probability Strassel will be able to obtain the property using a bid of $128,000 ? (Use at least 5.000 trials. Round your answer thice decimal places,) (b) How much does Strassel need to bid to be assured of obtaining the property? $128,000 $138,000 $148,000 (c) Use the simulation model to compute the profic for each trat of the simulation run (noting that Strassei's profit is $0 if he does not win the bid). With maximization of profit as Strassel's objective, use simulation to evaluate Strassel's bid alternatives of $128,000,513a,000, or $140,000. What is the expected profit (in dollars) for each bid altemative? (Ulse at least 5,000 trials. Round vout answers to the nearnest dollar.) expected profit for a bid of $128,000 expected profit for a bid of $130,000 expected profit for a bid of $148,000 What is the recommended bid? 5128,000 $138,000 $148,000